(The following statement was released by the ratings agency)
NEW YORK, March 15 - Standard & Poor's Ratings Services said today that its ratings and outlook on France-based car manufacturer Renault S.A. (BBB/Stable/A-2) remain unchanged following the company's announcement today that it had filed a cash tender offer with the French securities regulator for its redeemable shares, at a price of EUR450 per share. The total amount of the shares repurchased could reach EUR900 million, but the impact on Renault's balance sheet should be EUR324 million less as Standard & Poor's already regards as debt the book value of these redeemable shares. The transaction will increase Renault's net indebtedness, but will lower its interest charges.