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 2014, Fitch ratings 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.
|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|
|Fitch||BBB-||-||stable||Rating Nov 2014|
Press release Nov 2014
Press release Apr 2014
Analysis Sept 2013
|R&I||BBB+||-||stable||Press release Nov 2014|
|JCR||A-||-||stable||Press release February 2015|
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
Details on public and private bond issues.