Moody’s: VW Bank, VW Leasing views to negative

Moody’s Investors Service said it changed the outlooks on Volkswagen Bank, SA’s (VW Bank Mexico) and Volkswagen Leasing SA de CV’s (VW Leasing Mexico) senior unsecured debt ratings to negative from stable.

The agency also said it affirmed the Aa3 ratings on their debt.

Moody’s also affirmed VW Bank Mexico’s Ba2 local-currency and not-prime foreign-currency long- and short-term deposit ratings.

The agency also said it affirmed both entities’ Mexican national scale ratings, as well as the bank’s Ba2 adjusted baseline credit assessment and Ba1(cr)/not-prime(cr) counterparty risk assessment.

The negative outlooks on VW Bank Mexico’s and VW Leasing Mexico follow the recent outlook revision to negative on Volkswagen Financial Services AG, the parent of both entities.

VW Bank Mexico’s and VW Leasing Mexico’s debt ratings benefit from full and unconditional guarantees from the parent company, Moody’s said.

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