Moody’s lowers Volkswagen Bank, Volkswagen Leasing

Moody's Investors Service said it downgraded Volkswagen Bank, SA and Volkswagen Leasing, SA de CV's long-term global local-currency senior unsecured debt ratings to A2 from A1.

The outlook remains negative.

Moody's also said it affirmed the companies’ long-term Aaa.mx Mexican national scale debt ratings with a stable outlook, as well as Volkswagen Leasing’s prime-1 global scale and MX-1 Mexican national scale short-term debt program ratings.

All of the other ratings and assessments on the bank are unaffected, Moody’s said.

The downgrades follow the downgrade to A2 from A1 of the senior long-term debt ratings of Volkswagen Financial Services AG, the parent of both entities.

The companies’ debt ratings benefit from full and unconditional guarantees from the parent company, the agency said.

Consequently, their debt ratings and outlooks mirror the senior unsecured debt rating and outlook of Volkswagen Financial, Moody’s 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.