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 March 2019, Moody’s revised Renault's debt outlook to stable.
In February 2019, Standard and Poors revised Renault's debt outlook to negative.
In November 2018, R&I upgraded Renault’s rating from BBB+ to A- with a stable outlook.
In March 2018, JCR revised Renault's debt outlook to positive.
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.

Ratings

AgencyLong-term ratingShort-term ratingOutlookLatest press release / Credit analysis
Moody'sBaa3P3stableCredit opinion Mar 2019
Standard & Poor'sBBBA2negative

Press release Feb 2019

FitchBBB -stablePress release Nov 2018
R&IA-stablePress release Nov 2018
JCRA-positivePress release March 2018

Debt profile

Maturity schedule for Renault (Automotive division) bonds and equivalents as of December 31st, 2018 (in million euros)

Maturity schedule for Renault (Automotive division) bonds and equivalents as of December 31st, 2018 (in million euros)

Renault 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 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 2018, Renault’s Automotive division (excluding Avtovaz) borrowed €1.9 billion through capital markets and redeemed bonds for a global amount of around €1.4 billion.

Renault SA issued two Eurobonds under its EMTN program: one with nominal value of €700 million issued on April 18, 2018 with 6-year maturity and a coupon of 1%, and the other with nominal value of €750 million issued on September 28, 2018 with 8-year maturity and a 2% coupon.

Also, as part of its “Shelf Registration” program, Renault SA issued a ¥57.4 billion Samurai bond on the Japanese market on July 3, 2018. This new Samurai bond has two tranches, one with nominal value of ¥39.1 billion, 3-year maturity and a coupon of 0.36%, and the other with nominal value of ¥18.3 billion, 5-year maturity and a coupon of 0.49%.

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.