We have adjusted our estimates to reflect a capital loss to Renault on disposal of a 5% stake in Nissan of EUR1bn. The capital loss on disposal was initially expected to be up to EUR1.5 billion, but this estimate was today reduced to around EUR1 billion as Nissan has decided to cancel all the acquired shares, implying an accretive effect on the capital position. We do not consider the changes to be material; our rating is unchanged.