Moody's rates VW Leasing notes A3/Aaa.mx

Moody's de Mexico said it assigned an Aaa.mx long-term Mexican national scale senior debt rating to Volkswagen Leasing, SA de CV's proposed Ps. $2 billion certificados bursatiles due 2017.

At the same time, Moody's Investors Service assigned an A3 long-term global local currency senior debt rating to the notes.

The certificados bursatiles will be issued under Volkswagen Leasing's existing Ps. $15 billion 10-year program of short- and long-term certificados bursatiles. The program is rated provisional A3/positive/Prime-2 on Moody's global scale and Aaa.mx and MX-1 on the Mexican national scale.

Moody's said the ratings are based on an unconditional and irrevocable guarantee from the parent entity Volkswagen Financial Services AG rated A3 long-term with positive outlook and Prime-2 short term, on Moody's global scale.

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