Whereas financial storm and economic crisis make devastations in the whole world, leading the car manufacturer in particular to shut down a great number of its factories during two weeks, the financial credit rating agency Standard and Poor' S (SP) lowered Friday the note of long-term debt of Renault, of “BBB+” with “BBB”, and maintained the prospect negative.
“The possibility of an imminent recession will penalize the profitability of the car manufacturer and his capacity to be generated cash”, argues the agency, which adds to expect a “difficult” market in automobile industry in 2009. What is unfortunately not a scoop…. ( Finance Information City )
SP states in addition that it could revise the prospect for negative with stable if there were “clear signals” showing that the fall of the request is stopped or “if Renault were shown exceptionally resistant” in a morose context.
Cut the Lagnuna news, impetus with strong reinforcements of messages publiciatires thus has bread on the board to try to make its hole… and to bring back the customers. To go on the plat bands of Alfa Romeo - even of allemandes - would perhaps not be sufficient…
Renault in addition announced Friday that it was going to stop during one or two weeks the assembly of cars and engines in its fifteen French factories. It is in particular about Flins, Douai, Sandouville (already heavily impacted by the crisis of automobile industry) and of Mans. Since October 16, production within the Renault factory of Douai east at the dead point. It will take again only on November 12. The sites Turkish, Russian and Slovenien will be also touched, but with a least degree.
The objectives posted by the manufacturer are to reduce of 20% the production, at the fourth quarters, in Europe. “We are during one time when incontestably, the markets are crumbling, and to avoid having a too strong degradation of the situation of company, it is necessary to control in an extremely tight way stocks, therefore obviously it is necessary to organize a fall of the production”, affirmed a spokesperson of the group.
_ “they himself be of closing temporary, one be traditionally over a period of vacation and one have always, when one have some need of adaptation of production, a predilection to place at this period the day not work”, have it also specify.
Small reminder: at the beginning of year, Renault counted on a growth of 10% of its volumes…
The general secretary of CGT - Bernard Thibault - criticized Friday the measurements of layoff taken by Renault in his factory of Sandouville (Seine-Maritime), ensuring that “nothing justifies this brutal decision” of the firm to the rhombus.
“Renault does not have its accounts in the red and one maintains the payment of a billion euros of dividends to the shareholders while one puts at the layoff the workmen who will lose between 300 and 400 euros per month on wages of 1.400 euros Net”, Bernard Thibault regretted on RTL.
“It is not normal to leave a group, which still has financial margins today, to put on the straw of the workmen because it is a political decision which is also likely to worsen the crisis”, rose the general secretary of CGT.
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