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 January 2018, Moody’s revised Renault's debt outlook to positive
In November 2017, Fitch ratings upgraded Renault’s rating to BBB with a stable outlook
In November 2017, Standard & Poor's upgraded Renault’s rating to BBB with a stable outlook
In February 2016, Moody’s upgraded Renault’s rating to Baa3 with stable outlook
In November 2016, Fitch ratings revised Renault's debt outlook to positive
In March 2018, JCR revised Renault's debt outlook to positive
In November 2016, R&I revised Renault's debt outlook to positive
|Agency||Long-term rating||Short-term rating||Outlook||Latest press release / Credit analysis|
|Moody's||Baa3||P3||positive||Credit opinion Jan 2018|
|Standard & Poor's||BBB||A2||stable|
|Fitch||BBB||-||stable||Press release Nov 2017|
|R&I||A-||-||stable||Press release Nov 2018|
|JCR||A-||-||positive||Press release March 2018|
Maturity schedule for Renault (Automotive division) bonds and equivalents at December 31st, 2017 (in million euros)
Renault ensures most of the refinancing for Automotive business in the capital markets, mainly through long-term funding (bonds and private placements) and short-term financing such as commercial paper.
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 €1.5 billion.
In 2017, Renault’s Automotive division borrowed €2.3 billion through capital markets and redeemed bonds for a total amount of €2 billion.
Renault SA issued a new Samurai bond in July under its Shelf registration program for a nominal of ¥90 billion, splitted in two tranches, a 3 year maturity tranche of ¥63.4 billion with a coupon of 0.36%, and a 5 year maturity tranche of ¥26.6 billion with a coupon of 0.5%.
Under its EMTN program, Renault SA also issued two Eurobonds respectively with nominal amounts of 750 million euros with a coupon of 1% each, the first in March with a maturity of 6 years and the second in November with a maturity of 8 years. In addition,Renault SA also issued a 3-year private placement for ¥10 billion under its EMTN program.
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.