PARIS (Standard&Poor's CreditWire) March 31, 1999--Standard&Poor's affirmed its 'A-2' short-term ratings on Renault Credit International S.A. Banque (RCI) and related entities (see list below). The ratings were removed from CreditWatch, where they were placed with negative implications on March 17, 1999, following the announcement that negotiations between the Renault and Nissan groups regarding a possible alliance were entering a final phase. The agreement signed between Renault and Nissan on March 27, 1999 will result in the takeover by Renault S.A. of a controlling 36.8% stake in Nissan Motor Co. Ltd. (triple-'B'-minus/Negative/'A-3'), and a 22.5% interest in Nissan Diesel. In addition, Renault will acquire Nissan's European financial subsidiaries. Following this transaction, the 'A-2' short-term ratings on Renault
