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

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”


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.