DBRS boosts Volvo ratings

DBRS said it upgraded AB Volvo’s issuer rating to A from A(low) and changed the trend to stable from positive.

In a press release, the agency noted that a year ago it said if Volvo kept up its “ongoing solid operating performance” it would probably upgrade the company’s ratings.

“Despite ongoing constraints related to the global semiconductor shortage and other supply chain challenges that continued to affect volumes, Volvo’s 2022 industrial revenues and profitability increased year over year to record levels,” the agency said.

Consistent with the stable trend, DBRS said it expects Volvo’s rating to stay constant over the near to medium term.

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