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S&P upgrades Renault
Standard & Poor's said it raised the long-term corporate credit rating on Renault SA to BB+ from BB and affirmed its B short-term corporate credit rating. The long-term rating was removed from CreditWatch, where it had been placed with positive implications on Oct. 8.
The recovery ratings on Renault's unsecured notes remain at 3, indicating expectation of 50% to 70% recovery.
The upgrade reflects the improvement in Renault's credit metrics following the company's sale of its Volvo B shares, with proceeds to be used for reducing debt, according to the agency.
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