Ratings
Rating agencies
Renault SA is rated by four credit rating agencies (CRAs):
- 2 international CRAs: Moody’s and S&P Global Ratings
- 2 Japanese: R&I and JCR
In March 2023, R&I changed outlook to stable from negative, affirmed A- rating.
In February 2023, S&P changed outlook to stable from negative, affirmed BB+ rating.
In November 2022, JCR affirmed Renault's A- rating with a stable outlook.
In November 2022, Moody’s changes outlook to stable from negative, affirms the Ba2 rating.
In June 2022, R&I affirmed Renault’s A- rating with negative outlook.
In April 2022, Moody’s affirmed Renault’s rating to Ba2 with a negative outlook.
In March 2022, S&P affirmed Renault's rating BB+ with a negative outlook.
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.
Ratings
| Agency | Long-term rating | Short-term rating | Outlook | Latest press release / Credit analysis |
|---|---|---|---|---|
| Moody's | Ba2 | NP | stable | |
| S&P Global Ratings | BB+ | B | stable | |
| R&I | A- | - | stable | News Release Mar 2023 |
| JCR | A- | - | stable | Press Release Nov 2022 |
Debt profile
Redemption schedule of bonds, bank and equivalent debt for Renault SA as of June 30, 2022 (including drawdown of French State guaranteed loan, and NEU CP, excluding redeemable shares)
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
- Access documentation on debt issue programs
- Access 2022 Universal Registration Document, 2021 Universal Registration Document, 2020 Universal Registration Document, 2019 Universal Registration Document, the Amendment - 2019 Universel Registration Document and 2018 Universal Registration Document
Debt issues
Details on public and private bond issues.
