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 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.
Ratings
| Agency | Long-term rating | Short-term rating | Outlook | Latest press release / Credit analysis |
|---|---|---|---|---|
| Moody's | Ba2 | NP | negative | Issuer Profile Jul 2020 |
| Standard & Poor's | BB+ | B | negative | |
| Fitch | BB+ | - | negative | Rating Report May 2020 |
| R&I | A- | - | negative | Oultook Press Release Aug 2020 |
| JCR | A- | - | stable | Results 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
- Access documentation on debt issue programs
- Access documentation on the URD 2019, the Amendment - 2019 Universel Registration Document and the 2018 Registration Document
Debt issues
Details on public and private bond issues.