Summary: Volkswagen AG Dec 09
Standard & Poors, December 2009
Abstract
The ratings on Germany-based automaker Volkswagen AG (VW) reflect its strong business risk profile and modest financial risk profile, according to Standard & Poor's Ratings Services methodology. The strong business risk profile is supported by VW's leading European market position, its global brand recognition, comprehensive product mix, and the contribution of its financial services operation. These balance VW's exposure to the oversupplied, cyclical, and competitive automotive industry. The financial risk profile is supported by VW's low debt leverage and good financial flexibility, which balance its relatively weak cash generation and corporate governance-related financial policy, as well as funding execution risks. VW is currently pursuing a variety of growth opportunities. We view a proposed 19.9% acquisition of Japanese car-manufacturer Suzuki Motor...
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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