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Moody's gives Volkswagen Group notes A3
Moody's Investors Service said it assigned A3 ratings to Volkswagen Group of America Finance, LLC's new $3.5 billion senior unsecured notes.
The outlook is positive.
Volkswagen Group will use the proceeds for general corporate purposes, including working capital requirements.
Volkswagen Group of America Finance is a wholly owned subsidiary of Volkswagen Group of America, Inc. which is a wholly owned subsidiary of Volkswagen Aktiengesellschaft (A3/P-2 positive).
Moody's said the ratings assigned to the senior unsecured notes reflect the unconditional and irrevocable guarantee of Volkswagen Group of America Finance's ultimate parent, Volkswagen AG (A3/P-2 positive). The notes will be unsecured and unsubordinated obligations of Volkswagen Group of America Finance.
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