S&P cuts Renault bonds to 'junk' and downgrades outlook on PSA

PARIS (Reuters) - Credit rating agency Standard & Poor's (S&P) 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..