- Language: English
- Published: July 2012
- Region: Germany
Summary: Volkswagen AG Aug 04
- Published: August 2004
- Standard & Poors
The ratings on Germany-based automaker Volkswagen AG (VW) are supported by the group's position as the leading European mass-market automotive manufacturer, its strong market position in China, and a moderate financial leverage and good liquidity. The ratings benefit from VW's strong and globally recognized brand name and its comprehensive product mix offered through the group's multibrand passenger car strategy, as well as the growing contribution by its financial service operations. The ratings on VW are constrained by Standard & Poor's expectation that VW's profitability and free cash flow generation will remain weak in the medium term, despite the additional cost-cutting and revenue-enhancement measures outlined in the group's "ForMotion" program. We are skeptical whether this program is far-reaching enough to strengthen...
Companies mentioned in this report are: Volkswagen AG
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