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Renault SA designs, produces, and markets passenger cars and light commercial vehicles under the Renault, Dacia, Lada, Alpine and Renault Samsung Motors brands. The company produces models including the Kadjar, Clio, Megane, the new Captur crossover, and Scenic. Low cost brand Dacia models include the Duster, Sandero, and Lodgy. Renault has a 73.3% stake in Alliance Rostec Auto BV, a joint venture with Russian state corporation Rostec, under which Renault consolidated AvtoVaz at the end of 2016. Renault-Nissan also has a strategic partnership with Daimler in which Renault-Nissan has a 3.1% stake in Daimler and Daimler has a 3.1% stake in both Renault and Nissan. Renault-Nissan also has an alliance with Mitsubishi motors, which Nissan holds a 34% stake in. (25 Jun 2018)

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November 2018 Europe Company Recommendation Change

Euro Recommendation Changes: 02 Dec 2018, 9:51 PM ET - Our monthly report provides executive summaries for the twenty-two companies recommendation changes made on European companies during the month of November.

Renault: Irreversible Changes?

IG Note: 20 Nov 2018, 9:17 PM ET - On the back of recent allegations of misconduct involving Nissan Chairman and Renault Chairman and CEO Carlos Ghosn, we look into the credit implications, summarise the details we currently know, and adjust our recommendation on RENAUL.

Aston Martin 3Q18: Maintaining Momentum

Worth Watching: 15 Nov 2018, 10:00 PM ET - Aston Martin 3Q18: Aston Martin reported its first quarterly earnings results following its IPO. The company provided a slimmed down version of its financials with very little detail, but the headline figures pointed to solid growth and a growt ..

ESG and Automotive: Ratings and Methodology

Sector Analysis: 14 Nov 2018, 10:23 PM ET - In this piece we discuss our ESG Ratings framework as it pertains to the Automotive sector. We use a total of 13 distinct measures to score each of the 3 ESG parameters and then weight them individually.

LeasePlan 3Q18: Turkish Tribulations

Worth Watching: 14 Nov 2018, 10:58 AM ET - LeasePlan 3Q18 : LeasePlan reported 3Q18 results highlighted by solid performance, somewhat muddied by another write-down to the Turkish fleet reflecting exposure to the depreciation of the Turkish Lira. The company continues to not see any dow ..

JLR 2Q19: Patience and Forbearance

Earnings Note: 31 Oct 2018, 10:23 PM ET - JLR reported another quarter of weak results, but is taking action through a new turnaround plan.

FCA 3Q18: Inching towards IG?

Earnings Note: 30 Oct 2018, 10:10 PM ET - FCA is struggling with the challenging market environment alongside its auto-OEM peers, but continues to perform well and improve its balance sheet strength as it inches closer to IG ratings.

LKQ 3Q18: Focus on Delevering, New Share Buyback

Earnings Note: 25 Oct 2018, 7:44 PM ET - LKQ reported further margin pressure and lowered its FCF guidance, and announced a share buyback program. But deleveraging the balance sheet still remains a focus at LKQ as well.

Renault: 3Q18 Sales Comes with Softer Outlook

Worth Watching: 23 Oct 2018, 11:55 PM ET - Renault (Baa3/BBB) reported 3Q18 sales in which automotive revenues (excluding Avtovaz) fell 8.4% YoY to €10.1 bn, with headwinds from FX (-4.0%), sales to partners (-3.3%) and volumes (-2.6%) which could not be offset by improved pricing (+1.6 ..

JLR: Liquidity and RV Update

HY Note: 23 Oct 2018, 10:34 AM ET - Over the last days and weeks, JLR news flow and spread volatility has picked up, and in this report, we look at issues at hand, seasonal cash flow and refinancing needs, and update our investment recommendation.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

Daimler: Another Profit Warning

IG Note: 21 Oct 2018, 10:34 PM ET - Daimler announced a profit warning for the second time this year. This time, diesel vehicles were the main culprit.

China Autos: Slowing Demand Concerns

Sector Analysis: 18 Oct 2018, 7:02 AM ET - September passenger vehicle sales in China marked the third consecutive month of YoY declines. While YTD sales are still up 0.4%, 2018 is already shaping up to be the weakest growth year for the critical China automotive industry. 

Nemak: 3Q18| NA in the Driver's Seat

Worth Watching: 16 Oct 2018, 10:41 PM ET - Nemak (Ba1/BB+) turned in a set of healthy 3Q18 results characterized by top and bottom line expansion. The firm saw revenues increase a healthy 11.7% YoY to MXN 21.9 bn and 4.8% to US$ 1.2 bn, primarily driven by stronger volumes, which were u ..

IG Note: US Autos Underperformance – Long End Pain

IG Note: 15 Oct 2018, 3:49 AM ET - Autos is the worst performing IG Sector in the YTD18 period, with the long end bonds of Ford and GM driving the underperformance. 

Renault: Issuing 8Y Bonds

Worth Watching: 20 Sep 2018, 6:25 AM ET - Renault (Baa3/BBB) is in the market this morning with 8-year bonds (September 2026 maturity). The new issue follows the OEM tapping the market in April when it issued its €700 mn 1.0% 04/2024 bonds, and extends RENAUL's curve beyond its 1.0% 11 ..

Aston Martin/McLaren: A View to an IPO

HY Note: 30 Aug 2018, 8:35 AM ET - Aston Martin posted strong results and is moving closer to an IPO. Results at McLaren are mixed and while an IPO is not on the cards, liquidity is getting a boost from new equity issuance.

Michelin: Considering 7Y/12Y/20Y Eurobond Issuance

IG Note: 28 Aug 2018, 8:26 AM ET - Michelin is considering a 3-tranche issuance of 7Y, 12Y, and 20Y euro bonds. We would take advantage of any new issue concession and be buyers of the new issuance above fair value.

Delphi Technologies: Softer Outlook, Move To M/P

Earnings Note: 08 Aug 2018, 9:34 PM ET - Delphi reported a softer-than-expected of 2Q18 results and downwardly revised its FY18 guidance outlays. We view further credit metric improvement as limited over the near-term and, accordingly, move to M/P.

Cooper Tire: 2Q18 | Muted Outlook

Worth Watching: 06 Aug 2018, 10:29 PM ET - Cooper Tire (B1/BB) recorded modest 2Q18 results, reporting both top and bottom line contraction for the second consecutive quarter. The firm saw revenue fall 3.1%, driven primarily by lower tire volumes as well as the impact of weaker price an ..

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