Renault S.A.: Rating Report

On December 2, 2022, DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating on Renault S.A. at BB (high). The rating action incorporates the Company’s ongoing earnings improvement, albeit from weak levels. The trend on the rating remains Negative, however, reflecting considerable headwinds in the form of inflationary pressures, rising interest rates, and geopolitical uncertainty, which appear to be most pronounced in Renault’s core European market.