S&P may up Renault

Standard & Poor's said it placed the BB long-term corporate credit rating on Renault SA on CreditWatch with positive implications and affirmed its B short-term rating.

The agency also said it placed the BBB-/A-3 long-term and short-term counterparty credit ratings on Renault's subsidiary, RCI Banque, on CreditWatch with positive implications.

The watch follows news that Renault will sell its series B shares in Volvo for about €3 billion, S&P said. The agency said it believes this will enable Renault to clearly exceed its target to reduce its net financial debt on the industrial side to below €3 billion.

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