Summary: Volkswagen AG Aug 09
Standard & Poors, August 2009
Abstract
The 'A-' long-term corporate credit rating on German automotive manufacturer Volkswagen AG (VW) and related entities, including its Swedish subsidiary, truck and bus manufacturer Scania (publ.) AB, remain on CreditWatch with negative implications. The 'A/A-1' long- and short-term counterparty credit ratings on Volkswagen Bank GmbH and the 'A-' long-term counterparty credit rating on Volkswagen Financial Services AG and LeasePlan Corporation N.V. are also on CreditWatch negative. The CreditWatch listing reflects our overall concern about the impact on VW's credit quality from a proposed merger with Porsche, its largest shareholder. According to company statements on July 23, 2009, an integrated automotive group will be formed from the progressive participation of Volkswagen in Porsche AG and the subsequent merger of Porsche Automobil...
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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