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
Moody’s
On September 26, 2024, Moody’s Ratings (Moody’s) agency revised its long-term issuer rating of Valeo from “Baa3” to “Ba1” and its short-term commercial paper rating from “Prime-3” to “Non-Prime”. The outlook is negative.
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”
