S&P ups Volkswagen Financial debt

S&P said it revised the outlook on Volkswagen Financial Services AG to stable from negative and affirmed the BBB+/A-2 long- and short-term issuer credit ratings.

At the same time, the agency raised the ratings on the company’s senior subordinated debt to BBB+ from BBB and reclassified the debt as senior unsecured.

S&P also affirmed the long- and short-term issuer credit ratings on Volkswagen Bank GmbH at A-/A-2 and affirmed the K-1 Nordic national scale rating on Volkswagen Finans Sverige AB.

The outlook remains negative.

S&P said the revision follows a similar action on its parent, Volkswagen AG.

“We view VW FS as a core subsidiary of VW AG, with little likelihood of this status changing, and we consequently equalize the ratings and its outlook with those on VW AG,” the agency said in a news release.

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