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 August 2020, R&I revised Renault’s A- rating outlook to negative from stable.
In May 2020, Moody's downgraded Renault's rating to Ba2 with negative outlook.
In April 2020, Standard & Poor's downgraded Renault's rating to BB+ with a negative outlook.
In March 2020, Fitch Ratings downgraded Renault's ratings to BB+ with a negative outlook.
In March 2020, Moody's placed Renault's ratings on review for downgrade.
In February 2020, Fitch Ratings downgraded Renault's rating to BBB- with a negative outlook.
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 September 2019, JCR revised Renault's debt outlook to stable.
In March 2018, JCR revised Renault's debt outlook to positive.


AgencyLong-term ratingShort-term ratingOutlookLatest press release / Credit analysis
Moody'sBa2NPnegativeIssuer Profile Jul 2020
Standard & Poor'sBB+Bnegative

Bulletin Jul 2020

FitchBB+ -negativeRating Report May 2020
R&IA-negativeOultook Press Release Aug 2020
JCRA-stableResults Press Release Jul 2020

Debt profile

Maturity schedule for Renault SA bonds and equivalents as of June 30th, 2020 (in million euros)

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.

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.