Renault SA refinances most of its automobile business on the capital markets, chiefly through long-term funding (bond issues, private placements).

Ratings

Rating agencies 

Renault SA is rated by five credit rating agencies (CRAs):

  • 3 international CRAs: Moody’s, Standard & Poor’s, Fitch

  • 2 Japanese: R&I et JCR

In November 2014, Moody's agency maintained Renault's debt notation to Ba1, and raised its outlook to positive.

In November 2014, Fitch ratings revised its notation to BBB-, with a stable outlook.

In June 2014, Standard & Poor's maintained its long-term notation to BB+, to revise its outlook from stable to positive.

In March 2013, JCR maintained its notation to A-, stable outlook.

In November 2014, R&I kept its long-term rating to BBB+, stable outlook.

Ratings

AgencyLong-term ratingShort-term ratingOutlookLatest press release / Credit analysis
Moody's Ba1 NP positive Rating action Nov 2014
FAQ Nov 2014
Credit opinion Nov 2014
Standard & Poor's BB+ B positive Press release June 2014
Credit opinion May 2014
Fitch BBB-  - stable Press release Nov 2014
Press release Apr 2014
Analysis Sept 2013
R&I BBB+ stable Press release Nov 2014
JCR A- stable Press release March 2013

Debt profile

Maturity schedule for Renault SA bonds and equivalents at June 31st 2014

Maturity schedule for Renault SA bonds and equivalents at 31/06/2014

Renault SA refinances most of its automobile business on the capital markets, chiefly through long-term funding (bond issues, private placements).

Renault SA is using two programs to issue its bonds:

  • a Euro Medium Term Notes programme (EMTN)*, which has been updated in May 2014, including a ceiling at EUR 7 billion.

During the first semester 2014, Renault SA has proceeded to :
- a new eurobond issue of 500 M€ size, for a maturity of 7 years and offering a coupon of 3.125%.

  • a Shelf registration programme updated in May 2014 including a ceiling at 200 billion yens.

Renault SA pursues its presence into the Samurai bond market in Japan (yen-denominated bonds issued in Japan by non-Japanese entities) since 2001.

During the first semester 2014, it has issued a new Samurai bond, in two tranches:

  • 75 GJPY, maturity 2 years, coupon 1.09%;

  • 75 GJPY maturity 3 years, coupon 1.27%.

* Euro Medium Term Note: documentation issued by a company planning to issue bonds. Similar to a prospectus, the documentation provides information about all the issues the entity is intending to make. With an EMTN program, the company can tap the market whenever it needs funding or when conditions are attractive.

Debt issue programme

It is vital for the Group to use different sources of refinancing to fund its automotive business. Accordingly, Renault SA has arranged three insurance programs

Debt issues 

Details on public and private bond issues.