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BULLETIN: Volkswagen AG's Plans to Finance LeasePlan Stake Through FFO Has No Rating Effect Sep 04
Standard & Poors, Sep 2004
Abstract
FRANKFURT (Standard & Poor's) Sept. 15, 2004--Standard & Poor's Ratings Services said today that the announcement by Germany-based automaker Volkswagen AG (VW; A-/Negative/A-2) to use funds from operations to finance its 50% stake in LeasePlan Corporation N.V. (A-/Stable/A-2) would not have any direct effect on the ratings on VW or its related entities, including Volkswagen Financial Services AG and Volkswagen Bank GmbH (both rated A-/Negative/A-2). Volkswagen had originally envisaged using treasury shares for its -1 billion ($1.2 billion) stake in the purchase price, which would have been beneficial to the company's cash flows. Nevertheless, the transaction has only a modestly negative effect on the group's overall credit protection measures. Standard & Poor's continues to assume that VW will be able...
Companies mentioned in this report are: Volkswagen AG
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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