Renault SA refinances most of its automobile business on the capital markets, chiefly through long-term funding (bond issues, private placements).


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 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


AgencyLong-term ratingShort-term ratingOutlookLatest press release / Credit analysis
Moody'sBaa3P3stableCredit opinion Fev 2016
Standard & Poor'sBBB-A3positivePress release April 2016

Analysis April 2016
FitchBBB- -positivePress release Nov 2016
R&IBBB+positivePress release Nov 2016
JCRA-stablePress release March 2016

Debt profile

Maturity schedule for Renault SA bonds and equivalents at June 30th, 2016 (in millions 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.

During first-half 2016, Renault SA redeemed bonds for a total amount of €1,438 million and undertook a 3-year private placement of 10 billion yen under its EMTN programme. The Brazilian subsidiary Renault Do Brasil also issued a 400 million Brazilian real bond with 4-year maturity. The total amount of bonds issued by the Automotive segment during first-half 2016 was €175 million.

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.