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 four credit rating agencies (CRAs):

  • 2 international CRAs: Moody’s and Standard & Poor’s.
  • 2 Japanese: R&I and JCR

In October 2021, JCR revised Renault's A- rating outlook from negative to stable.
In September 2021, Moody’s affirmed Renault’s rating to Ba2 with a negative outlook.
In March 2021, R&I affirmed Renault’s rating at A- with a negative outlook.
In March 2021, S&P affirmed Renault's rating BB+ with a negative outlook.
In October 2020, JCR revised Renault's A- rating outlook from stable to negative.
In August 2020, R&I revised Renault’s A- rating outlook from stable to negative.
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, Moody's placed Renault's ratings on review for downgrade.
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.

Ratings

AgencyLong-term ratingShort-term ratingOutlookLatest press release / Credit analysis
Moody'sBa2NPnegative

Rating release Sep 2021

Standard & Poor'sBB+Bnegative

Research update Mar 2021

R&IA-negativeNews Release Mar 2021
JCRA-stablePress Press Release Oct 2021

Debt profile

Redemption schedule of bonds, bank and equivalent debt for Renault SA as of December 31, 2020 (including drawdown of French State guaranteed loan, excluding redeemable shares and NEU CP)(1)

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 €10 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.