Fitch: Renault, Peugeot unchanged

Fitch Ratings said that Renault SA's and Peugeot SA's ratings are unaffected by each company's decision to make an advance reimbursement of €1 billion. The reimbursements relate to the companies' respective €3 billion loans granted to them by the French government in March 2009.

The agency rates Renault at long-term issuer default rating BB with a stable outlook. Peugeot has a long-term issuer default rating of BB+ with a stable outlook and a short-term issuer default rating of B.

The companies' respective early reimbursements will have no major effect on their ample liquidity, in Fitch's view. Renault reported €7.4 billion in cash and cash equivalents at the group level at the end of the first half, while Peugeot reported €10.2 billion.

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