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 April 2016, Standard & Poor's revised Renault's debt outlook to positive
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 2016, JCR maintained its notation to A-, stable outlook.
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||stable||Credit opinion Fev 2016|
|Standard & Poor's||BBB-||A3||positive||Press release April 2016|
|Fitch||BBB-||-||positive||Press release Nov 2016|
|R&I||BBB+||-||positive||Press release Nov 2016|
|JCR||A-||-||stable||Press release March 2016|
Maturity schedule for Renault (Automotive division) bonds and equivalents at December 31st, 2016 (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 commercial paper program of €1.5 billion.
In 2016, Renault’s Automotive division borrowed €616 million through capital markets and redeemed bonds for a total amount of €1,490 million.
Renault SA issued a new Samurai bond under its Shelf registration program for a nominal of ¥50 billion with a 3-year maturity. Renault SA also issued 3-year private placement for ¥10 billion under its EMTN program. In the same period, the Brazilian subsidiary Renault Do Brasil issued a 400 million Brazilian real bond with 4-year maturity.
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.