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.
|Agency||Long-term rating||Short-term rating||Outlook||Latest 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 Dec 2014
|Fitch||BBB-||-||stable||Rating Nov 2014
Press release Nov 2014
Press release Apr 2014
Analysis Sept 2013
|R&I||BBB+||-||stable||Press release Nov 2014|
|JCR||A-||-||stable||Press release February 2015|
Maturity schedule for Renault SA bonds and equivalents at December 31th, 2014 (in millions euros)
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 program (EMTN), which has been updated in May 2014, including a ceiling at EUR 7 billion.
In 2014, Renault SA proceeded to two new bond issues under its EMTN program:
- In March, new Eurobond issue of 500 M€ size, for a maturity of 7 years and offering a coupon of 3.125%;
- In December, new “Dim Sum” bond issue for 500 MCNY, maturity of 3 years and offering a coupon of 4.375%.
- a Shelf registration program 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. In June 2014, it issued a new Samurai bond, split in two tranches:
- 75 billion JPY, maturity 2 years, coupon 1.09% ; -
- 75 billion JPY, 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
Details on public and private bond issues.