Fitch affirms Volkswagen

Fitch Ratings said it affirmed Volkswagen AG's long-term issuer default rating at BBB+ and short-term issuer default rating at F2.

The outlook is stable.

Fitch said the action reflects the group's resilience since the start of the emissions crisis in late 2015 and the limited impact on credit metrics expected by Fitch when the bulk of cash outflows will have hit free cash flow (FCF) and net debt by 2019-2020.

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