The Group aims to maintain broad access to liquidity to meet its commitments and investment needs. The quality of debt management is recognized by the rating agencies Standard & Poor’s and Moody’s.
DEBT MATURITY PROFILE
At December 31, 2017, the average maturity of Valeo’s debt was 4.8 years:
|TYPE||FINAL TERMS AT||MATURITY||OUTSTANDING AMOUNT||NOMINAL INTEREST RATE||BASE PROSPECTUS AND SUPPLEMENTS|
|EIB loans||NA||November 2018 (2 subscriptions)||USD 51.5m||6M USD Libor +1.90%||NA|
|Convertible bond||06/16/2016||June 2021||USD 575m||0%||NA|
|EMTN||09/08/2017||September 2022||EUR 600m||0.375%||2017 & no. 1|
|EMTN||01/09/2017||January 2023||EUR 500m||0.625%||2016 & no. 1, no. 2 no. 3, no. 4, no. 5|
|EMTN||01/15/2014||January 2024||EUR 700m||3.25%||2013 & no. 1|
|EMTN||06/18/2018||June 2025||EUR 600m||1.5%||2017 & no. 1, no. 2|
|EMTN||03/16/2016||March 2026||EUR 600m||1.625%||2015 & no. 1|
Current EMTN Program (bonds):
DETAIL OF SHORT-TERM FINANCING
BANK CREDIT LINES
Valeo has access to liquidity through confirmed bank credit lines with a weighted average maturity of 4.3 years as of December 31, 2017, representing an aggregate amount of 1.1 billion euros.
Valeo has access to liquidity through a short-term commercial paper financing program for a maximum amount of 1.4 billion euros.
RATING AND COVERAGE
Valeo is rated “Investment Grade” by rating agencies Moody’s and Standard & Poor’s.
STANDARD & POOR’S
On October 31, 2018 Standard & Poor’s confirmed its “BBB/A-2” long-term and short-term corporate credit ratings for Valeo with stable outlook.
On November 02, 2018 Moody’s confirmed its “Baa2/P-2” long-term and short-term corporate credit ratings for Valeo and revised the outlook from stable to negative.