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 2016, Moody’s upgraded Renault’s rating to Baa3 with stable outlook

In November 2014, Fitch ratings revised its notation to BBB-, with a stable outlook.

In April 2015, Standard & Poor's revised its notation to BBB-, with a stable outlook.

In March 2013, JCR maintained its notation to A-, stable outlook.

In November 2014, R&I kept its long-term rating to BBB+, stable outlook.

Ratings

AgencyLong-term ratingShort-term ratingOutlookLatest press release / Credit analysis
Moody'sBaa3P3stableCredit opinion Fev 2016
Standard & Poor'sBBB-A3stablePress release April 2015
FitchBBB- -stableRating Nov 2014
Press release Nov 2014
Press release Apr 2014
Analysis Sept 2013
R&IBBB+stablePress release Nov 2014
JCRA-stablePress release February 2015

Debt profile

Maturity schedule for Renault SA bonds and equivalents at December 31th, 2015 (in millions euros)

grph-finance-2016

Renault raises 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 November 2015, Renault SA issued a 3-year maturity Samurai bond with a nominal of ¥70 billion and a coupon at 0.75%.

Renault SA repayed bonds and bank loans for nearly €1.5 billion in 2015 in bonds and bank loans.

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.