Moody’s lowers VW Bank Mexico, VW Leasing Mexico

Moody’s Investors Service said it downgraded Volkswagen Bank, SA (VW Bank Mexico) and Volkswagen Leasing, SA de CV’s (VW Leasing Mexico) long-term global local-currency senior unsecured debt ratings to A1 from Aa3.

Moody’s also said it downgraded both companies’ provisional long-term global local-currency senior unsecured medium-term note program ratings to provisional A1 from provisional Aa3 and affirmed VW Leasing Mexico’s provisional prime-1 short-term global local-currency senior medium-term notes program rating.

The outlook remains negative on both companies.

Moody’s also said it affirmed VW Bank Mexico’s long term Aaa.mx and VW Leasing Mexico’s long- and short-term Aaa.mx/MX-1 Mexican national scale debt ratings.

The agency also said it affirmed VW Bank Mexico’s Ba2 adjusted baseline credit assessment and its Ba1(cr)/not-prime counterparty risk assessment.

VW Bank Mexico’s standalone baseline credit assessment of B2 is not affected by the rating actions, Moody’s said.

Moody’s also said it affirmed VW Bank Mexico’s Ba2/not-prime local- and foreign-currency long- and short-term deposit ratings and A2.mx/MX-2 national scale deposit ratings.

The downgrades follow a similar action taken on the senior debt ratings of parent company, Volkswagen Financial Services AG, which were downgraded to A1 with a negative outlook, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.