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Prospect News home > News index > List of issuers V > Headlines for Volkswagen Financial Services NV > News item
Published on 6/6/2017 in the Prospect News Canadian Bonds Daily and Prospect News Investment Grade Daily.

S&P corrects, ups Volkswagen notes

S&P said it corrected its issue rating on the £300 million medium-term notes issued by Volkswagen Financial Services NV by raising it to BBB+ from BBB, and removing Volkswagen Leasing GmbH, Volkswagen Financial Services Australia Pty Ltd., Volkswagen Financial Services AG, and Volkswagen Financial Services Japan Ltd. as co-issuers.

The agency incorrectly rated the bond as senior subordinated rather than senior unsecured debt in our various rating actions on German banks' senior unsecured debt in light of a law that, as of Jan. 1, 2017, turned certain long-term senior unsecured bonds into subordinated instruments in a resolution and liquidation.


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