Fitch lowers Volkswagen Dogus

Fitch Ratings said it downgraded Volkswagen Dogus Finansman AS' and VDF Faktoring AS' long-term issuer default ratings to BB- from BB+.

The outlook is negative.

The agency said the actions follow the downgrade of Turkey's sovereign rating and country ceiling on July 12.

Fitch said the issuer default ratings on Volkswagen Dogus and VDF Faktoring are driven by support from their controlling shareholder, Volkswagen Financial Services AG and ultimately from VW AG (BBB+/stable).

“Both companies are strategically important to VW and VWFS, given their important role in supporting the group's car sales Turkey,” the agency said in a news release.

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