FITCH RATES LEASYS ‘BBB+’
Turin, 10 December 2020
Fitch Ratings has today assigned Leasys S.p.A. (Leasys) a Long-Term Issuer Default Rating of 'BBB+' with Negative Outlook. This rating is aligned to FCA Bank’s, among the highest in the rental and mobility sector, and reflects Fitch’s expectations of support from Leasys’ ultimate parent, Crédit Agricole (CA; A+/ Negative) and its role as CA’s only group-wide competence center for long-term car rental.
The Negative Outlook on Leasys’ Long-Term Rating mirrors that on CA’s, as in FCA Bank’s case.
Leasys is the FCA Bank Group’s rental and mobility service provider, leader in Italy by the number of car registrations, with a market share of 21%. Already active in 8 countries with a fleet of 350,000 cars and over 70,000 customers across Europe and ranking among the top 10 mobility providers in Spain and France. Leasys is carrying out a broad internationalization program, with the aim to operate in 13 European countries by 2021, with a total fleet of 400,000 vehicles and 1,500 Leasys Mobility Stores, an extensive network of the stores offering customers access to all the mobility services provided by Leasys.
Leasys' ratings are based on Fitch's assessment of its integration with FCA Bank and the availability of potential support from CA Consumer Finance (CACF; A+/Negative), and ultimately from CA. Fitch believes that CA’s support for Leasys is equal to that for FCA Bank Group as whole due to Leasys’ very high level of operational integration into FCA Bank.