S&P cuts Renault bonds to 'junk,' downgrades outlook on PSA due to coronavirus slump

Filed under: Earnings/Financials,Peugeot,Renault

Credit rating agency Standard & Poor's (S&P) delivered downgrades on Thursday to France's top car companies Renault and PSA , cutting Renault's bonds to 'junk' status due to the impact of the new coronavirus. S&P downgraded Renault to 'BB+/B' from 'BBB-/A-3', meaning it had ascribed a "junk bond" status to those Renault corporate bonds. "French automaker Renault has an ample liquidity cushion and can, in our view, count on guarantees from the French state," S&P wrote in a re

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S&P cuts Renault bonds to 'junk,' downgrades outlook on PSA due to coronavirus slump originally appeared on Autoblog on Thu, 9 Apr 2020 08:47:00 EDT. Please see our terms for use of feeds.

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