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 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.
In April 2020, Standard & Poor's downgraded Renault's rating to BB+ with a negative outlook.

Ratings

AgencyLong-term ratingShort-term ratingOutlookLatest press release / Credit analysis
Moody'sBa2NPstable

Rating release Nov 2022

Standard & Poor'sBB+Bnegative

Research update Mar 2022

R&IA-negativeNews Release Jun 2022
JCRA-stablePress 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

Debt issues 

Details on public and private bond issues.