S&P downgrades Renault

S&P said it downgraded Renault SA to BBB- from BBB along with ratings on its unsecured notes and credit facility.

“France-based carmaker Renault SA has lowered its guidance for sales, operating margins, and cash flow for the full-year 2019 due to more difficult market conditions than it anticipated in the second half of the year. We see the prospects for a swift recovery over the next two years as dim, due to our expectations of low growth in global car sales, increasing regulatory costs to meet stricter exhaust emission standards, and lower dividends from Nissan Motor Co. Ltd.,” said S&P in a press release.

The outlook is negative.

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