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S&P lifts Peugeot, GIE PSA Tresorerie
Standard & Poor’s said it raised the long-term corporate credit ratings on Peugeot SA and subsidiary GIE PSA Tresorerie to BB from BB-.
The outlook is positive.
The agency also said it affirmed the B short-term corporate credit ratings on Peugeot and GIE PSA Tresorerie.
S&P also said it raised the rating on the senior unsecured notes issued by Peugeot and GIE PSA Tresorerie to BB from BB-. The recovery rating on these notes is 3, indicating 50% to 70% expected default recovery.
The upgrades reflect a view that Peugeot’s lower debt and successful restructuring of its automotive division should enable it to sustain higher credit ratios despite its decreasing market share, the agency said.
S&P also said it thinks the company’s business profile has significantly improved over the past two years.
On the downside, Peugeot remains dependent on Europe, where it generates more than 60% of its sales, the agency said.
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