Standard & Poorĺs places Renaultĺs rating on creditwatch

Financial rating agency Standard & Poor’s (S&P) has placed its ‘BBB’ long-term corporate credit rating on French carmaker Renault, active in Romanian car industry, on Credit Watch with negative implications, which reflects the weak auto demand in 2008.

The rating agency has also affirmed the ‘A-3’ short-term corporate credit rating.

"The CreditWatch placement reflects our view that Renault's financial profile was hit by weak auto demand in 2008”,said Standard & Poor's credit analyst Barbara Castellano.

“Looking at external factors, we believe that this deterioration will not be reversed in 2009 because of an expected further decline of auto demand caused by the global economic downturn," Barbara Castellano continued.

Renault is active in Romanian market, where it took over a 51% stake in local car manufacturer Dacia, for 50 billion dollars in 1999.

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