Fitch Ratings on June 5 affirmed Opel Bank GmbH's long- and short-term issuer default ratings at BBB+/F2, with a stable outlook on the long-term rating, and assigned it a support rating of 2.
The German lender is part of a group of companies that offer captive car finance services for Opel brands, the holding company of which is equally 50%-owned by Banque PSA Finance SA and BNP Paribas SA unit BNP Paribas Personal Finance SA.
Opel Bank's issuer default and support ratings are driven by Fitch's assessment of institutional support from BNP Paribas Personal Finance and BNP Paribas, the rating agency said, adding that it does not factor any support from Banque PSA Finance into Opel Bank's ratings.
