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Renault: S&P downgrades credit rating

( - On Thursday S&P Global announced that it is downgrading its credit rating on the Renault group to "BB+/B", due to the impact of the coronavirus epidemic, while adopting a negative outlook.

"We project the impact of the COVID-19 pandemic will lead to a decline in global auto sales of about 15% in 2020, followed by a 6%-8% recovery in sales volumes in 2021," S&P says.

"We nevertheless expect Renault's earnings, free cash flow generation (FOCF), and financial position to weaken materially in 2020, following an already challenging 2019."

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