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 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.
In November 2019, Fitch Ratings revised Renault’s debt outlook to negative.
In October 2019, Standard & Poor's downgraded Renault’s rating to BBB- with a negative outlook.
In September 2019, JCR revised Renault's debt outlook to stable.
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.

Ratings

AgencyLong-term ratingShort-term ratingOutlookLatest press release / Credit analysis
Moody'sBa1NPstablePress release Feb 2020
Standard & Poor'sBBB-A-3Credit Watch with negative implications

Press release Feb 2019

FitchBBB -negativePress release Nov 2019
R&IA-stablePress release Dec 2019
JCRA-stablePress release September 2019

Debt profile

Maturity schedule for Renault SA bonds and equivalents as of December 31st, 2019 (in million euros)

Marchés capitaux 2020 | Groupe Renault

 

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.

In 2019, Renault SA borrowed around €1.5 billion through capital markets and redeemed bonds for a global amount of €551 millions.

Renault SA issued two Eurobonds under its EMTN program: one with nominal value of €1 billion issued on June 24, 2019 with 6-year maturity and a coupon of 1.25%, and the other with nominal value of €500 million issued on October 04th, 2019 with 8-year maturity and a 1.125% coupon.

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.