Moody’s ups Volkswagen Bank

Moody's de Mexico said it upgraded Volkswagen Bank, SA’s (VW Bank Mexico) and Volkswagen Leasing, SA de CV's (VW Leasing Mexico) long-term global local currency senior debt ratings to Aa3 from A2.

The agency also upgraded both issuers' long-term global local currency senior medium-term note program ratings to provisional Aa3 from provisional A2 and affirmed VW Leasing Mexico's provisional Prime-1 short-term global local currency senior medium-term note program rating.

The outlooks are stable. These actions conclude the reviews initiated on March 23.

Moody’s said the upgrade to Aa3 of VW Bank Mexico's and VW Leasing Mexico's senior debt ratings follow a similar action taken on the senior debt ratings of Germany-based parent Volkswagen Financial Services AG, which were upgraded to Aa3 with a stable outlook on June 19, concluding the review for upgrade initiated on March 17 following the introduction of Moody's new banking rating methodology.

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