PARIS (Reuters) - Credit rating agency Standard and Poor's upgraded Renault on Wednesday to investment grade due to the French carmaker's improving financial health and profitability.

S&P said it had lifted its rating on the company to BBB-, the lowest level on its scale considered as investment grade, from BB+. It also said the outlook on the rating was stable.

"The upgrade reflects our view that Renault will maintain strong credit ratios in the next two years and gradually improve the profitability of its core automotive division," S&P said in a statement.

(Reporting by Leigh Thomas; Editing by Mark Potter)