Fitch: Volkswagen notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Volkswagen's undated subordinated notes.

The notes were issued by Volkswagen International Finance NV.

The hybrid notes are rated two notches below Volkswagen's long-term issuer default rating of A, reflecting the securities' increased loss severity and heightened risk of non-performance relative to senior obligations, Fitch said.

The hybrid notes are subordinated to Volkswagen's senior unsecured debt and are unconditionally and irrevocably guaranteed by Volkswagen, the agency said.

The notes' rating is sensitive to changes in Volkswagen's issuer default rating, Fitch said.

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