Fitch ups Renault

Fitch Ratings said it upgraded Renault SA's long-term issuer default rating and senior unsecured rating to BB+ from BB.

The outlook is stable.

The upgrade follows Renault's recent sale of its series B shares of Volvo AB, representing 14.9% of the share capital, Fitch said.

Fitch said it expected that the sale of the Volvo AB shares would reduce Renault's leverage to below 1.5x, justifying the upgrade.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.