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S&P changes Volkswagen view
S&P said it revised the outlook on Volkswagen AG to stable from negative and affirmed the BBB+/A-2 long- and short-term credit and issue ratings.
The agency also revised the outlook and affirmed the BBB+/A-2 long- and short-term credit and issue ratings on certain core subsidiaries of Volkswagen, including Volkswagen Financial Services AG, to stable from negative.
S&P also affirmed the A-/A-2 long- and short-term credit and issue ratings on Volkswagen Bank GmbH.
The outlook on the bank remains negative.
The agency said the revision and affirmation reflect a view that VW will maintain a better-than-expected operating performance as well as show improving cash flow generation in 2018 and 2019, and thereby maintain adjusted leverage metrics consistent with the rating.
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