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Fitch lowers Volkswagen Dogus
Fitch Ratings said it downgraded Volkswagen Dogus Finansman AS's and VDF Faktoring AS' long-term issuer default ratings to BB+ from BBB-.
The outlook is negative.
The agency said it also downgraded the companies' short-term issuer default ratings and support ratings and affirmed their national ratings.
Fitch said the actions follow the downgrade of Turkey's sovereign rating due to increased downside risks to macroeconomic stability and the recent deterioration in economic policy credibility.
The agency said the issuer default ratings are driven by support from the companies’ controlling shareholder, Volkswagen Financial Services AG, and ultimately from VW AG (BBB+/stable).
The ratings are constrained by Turkey's country ceiling of BB+.
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