Debt and rating
Valeo’s balanced debt profile and solid liquidity position give it a robust financial structure.
Debt maturity profile
As of December 31, 2023, the average maturity of Valeo’s debt was 3 years.
EMTN Program (bonds)
| Type | Final terms at | Maturity | Outstanding amount | Coupon | Prospectus and supplements |
| EMTN | 06/14/2018 | June 2025 | €600m | 1.50% | 2017 & n°1, n°2 |
| EMTN | 03/16/2016 | March 2026 | €600m | 1.625% | 2015 & n°1 |
| EMTN (SLB) | 11/25/2022 | May 2027 | €750m | 5.375% | 2022 & n°1 |
| EMTN (SLB) | 07/30/2021 | August 2028 | €700m | 1.00% | 2021 & n°1 |
| EMTN (Green Bond) | 10/10/2023 | April 2029 | €600m | 5.875% | 2023 & n°1 |
| EMTN (Green Bond) | 04/11/2024 | April 2030 | €850m | 4.50% | 2023 & n°1, n°2 |
Green and sustainable financing
July 2021
September 2023
April 2024
Detail of short-term financing
Bank credit lines
Valeo has access to liquidity through confirmed bank credit lines with a weighted average maturity of 2.8 years as of June 30, 2023, representing an aggregate amount of 1.7 billion euros.
Commercial paper
Valeo has access to liquidity through a short-term commercial paper financing program for a maximum amount of 2.5 billion euros.
Credit rating
Standard & Poor’s
On April 3, 2024, Standard & Poor’s affirmed its “BB+” long-term rating on Valeo, changing its outlook from “stable” to “negative”
Moody’s
On March 22, 2024, Moody’s affirmed the “Baa3” senior unsecured rating, the (P)Baa3 rating on the group’s senior unsecured Medium-Term Note Program, and the Prime-3 (P-3) short term rating on its commercial paper program.
