Moody’s rates Volkswagen Bank debt A3/Aaa.mx

Moody's de Mexico said it assigned an Aaa.mx long-term Mexican national scale senior debt rating to Volkswagen Bank, SA's proposed issuance of Ps. 1 billion certificados bursatiles of up to four years due 2018, with a stable outlook.

At the same time, the agency assigned an A3 long-term global local currency senior debt rating to these notes, with a positive outlook.

Moody’s said the ratings are based on an unconditional and irrevocable guarantee from the parent entity Volkswagen Financial Services AG rated A3 long-term with positive, on Moody's global scale, and thus reflect the guarantor's financial strength. In turn, Volkswagen Financial’s ratings reflect those of car manufacturer VW AG given Volkswagen Financial’s important role as part of Volkswagen Group's strategic objectives to expand its product offering into growth markets.

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