Moody's: Renault to positive

Moody's Investors Service said it affirmed the Ba1 corporate family rating of Renault SA.

The outlook was revised to positive from stable.

The outlook change reflects the stronger than anticipated recovery in Renault's financial metrics that benefitted from the cash inflow of €3 billion resulting from the sale of its B-shares in AB Volvo, Moody's said, as well as an improvement in operating performance and solid cash flow generation in 2010.

Free cash flow generation continued to benefit from a tight control of capital expenditures, working capital and the omittance of the dividend payment, the agency said.

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