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 April 2015, Standard & Poor's revised its notation to BBB-, with a stable outlook.

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'sBa1NPpositiveRating action Nov 2014
FAQ Nov 2014
Credit opinion Nov 2014
Standard & Poor'sBBB+A3stablePress release April 2015
FitchBBB- -stableRating Nov 2014
Press release Nov 2014
Press release Apr 2014
Analysis Sept 2013
R&IBBB+stablePress release Nov 2014
JCRA-stablePress release February 2015

Debt profile

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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:

1. 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%. 
2. 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

Debt issues 

Details on public and private bond issues.