Moody’s affirms Volkswagen Financial

Moody's Investors Service said it affirmed the A3 senior unsecured debt and issuer ratings of Volkswagen Financial Services AG and of its guaranteed subsidiaries.

The agency further affirmed the P-2 short-term commercial paper ratings.

The outlooks remain stable.

The affirmation reflects the entity's unchanged ba2 standalone assessment and Moody's view that the very strong contractual and economic rationale for Volkswagen AG to support Volkswagen Financial warrants the equalization of the company's senior unsecured debt and issuer ratings with the A3 issuer rating of Volkswagen, its ultimate parent, Moody’s said.

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