Moody's rates BMW notes A3

Moody's Investors Service said it assigned an A3 long-term rating to BMW Canada Inc.'s $400 million of 2.76% series B notes due April 1 2014 and $175 million of 3.15% series C notes.

The rating reflects the fact that the bonds are unconditional and irrevocably guaranteed by parent BMW AG, Moody's said. The ratings are at the same level as the parent's senior issuer rating.

The ratings are supported by the company's leading position as premium manufacturer with a strong brand equity value for the BMW brand in particular, the group's leading position among premium manufacturers in reducing CO2-emissions under its efficient dynamics strategy, BMW's global presence albeit still dominated by Europe and North America and its broadening product range and rising number of model variants reducing the dependency on the success of a single model, the agency said.

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