Capital markets

Ratings

Rating agencies 

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

• 2 international CRAs: Moody’s and Standard & Poor’s.
• 2 Japanese: R&I and JCR

In October 2020, JCR revised Renault's A- rating outlook from stable to negative.
In August 2020, R&I revised Renault’s A- rating outlook from stable to negative.
In May 2020, Moody's downgraded Renault's rating to Ba2 with negative outlook.
In April 2020, Standard & Poor's downgraded Renault's rating to BB+ with a negative outlook.
In March 2020, Moody's placed Renault's ratings on review for downgrade.
In February 2020, S&P placed Renault’s rating under CreditWatch negative.
In February 2020, Moody’s downgraded Renault’s rating to Ba1 with stable outlook.
In December 2019, R&I confirmed Renault’s rating at A- with a stable outlook.

Ratings

Debt profile

Maturity schedule for Renault SA bonds and equivalents as of June 30th, 2020 (in million euros)

Renault SA ensures most of the refinancing for the Automotive business (excluding Avtovaz) in the capital markets, mainly through long-term funding (bonds and private placements) and short-term financing such as NEU CP.

To this end, Renault has an EMTN bond program with a ceiling amount of €7 billion, a Shelf Registration program of ¥200 billion for the Japanese market and a Neu CP program of €2.5 billion.

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

• Access documentation on debt issue programs
• Access documentation on the URD 2019, the Amendment - 2019 Universel Registration Document and the 2018 Registration Document

Debt issues 

Details on public and private bond issues.

• Access documentation on debt issues