Summary: Volkswagen AG Aug 07
Standard & Poors, August 2007
Abstract
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 moderate financial leverage, and good liquidity. The ratings benefit from VW's globally recognized brand names and the comprehensive product mix offered through the group's multibrand passenger-car strategy, as well as the growing contribution of its financial services operation. VW continues to face significant external challenges, including intensive competition across the European automotive industry. Nevertheless, the group's deliveries to European customers rose by 3.7% in the first half of 2007 compared with the previous year's first six months. In 2006, operating profits in its core European market grew to -4.8 billion (from -3.7 billion year on year). Operating profit...
Companies mentioned in this report are: Volkswagen AG
Action: Review
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Volkswagen AG
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