Credit rating agency Standard & Poor's delivered downgrades on Thursday to France's top car companies Renault and PSA , cutting Renault's bonds to 'junk' status due to the impact of the new coronavirus.
S&P downgraded Renault to 'BB+/B' from 'BBB-/A-3', meaning it had ascribed a"junk bond" status to those Renault corporate bonds."French automaker Renault has an ample liquidity cushion and can, in our view, count on guarantees from the French state," S&P wrote in a research note.
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