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Fitch gives Volvo hybrids BB+
Fitch Ratings said it has assigned Volvo Treasury AB’s €900 million of 5½-year non-call and €600 million of 8¼-year non-call subordinated fixed-to-reset capital securities BB+ ratings.
The securities are unconditionally and irrevocably guaranteed by AB Volvo.
The agency said it has also affirmed Volvo's long-term issuer default rating and senior unsecured rating at BBB and Volvo Treasury’s senior unsecured rating at BBB. The outlook is stable.
Fitch rates the issues two notches below Volvo's issuer default rating, given their going-concern loss absorption in form of fully discretionary interest deferral features.
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