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S&P ends Volkswagen observation
S&P said it finished its ratings review of Volkswagen AG and its subsidiaries under its new criteria for issuers with captive finance operations.
The agency affirmed the BBB+ ratings on VW and its rated subsidiaries, including Volkswagen Bank GmbH and Volkswagen Financial Services AG, and excluding the Traton SE sub-group. It also affirmed the BBB+ issue ratings on the group's senior unsecured debt and the BBB- issue ratings on its hybrid instruments. S&P removed all ratings, excluding those on the Traton SE sub-group, from under criteria observation.
The outlook is stable.
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