S&P rates Volkswagen Bank RUS bond A-

Standard & Poor's said it assigned an A- long-term issue rating to the proposed senior unsecured ruble-denominated bond to be issued by Volkswagen Bank RUS, a fully-owned subsidiary of Volkswagen Financial Services AG.

The bond will be guaranteed by a public irrevocable offer of Volkswagen Financial Services. S&P said it understands that Volkswagen Bank RUS is contemplating issuing a bond for up to RUB 5 billion.

The completion and size of the placements remain subject to market conditions and confirmation by Volkswagen Bank RUS and Volkswagen Financial Services, as do the maturity and final structure of the instruments, the agency said.

The guarantee provided by Volkswagen Financial Services meets the criteria for rating substitution treatment, S&P said.

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