Moody’s ups Volvo Car, notes to Ba1

Moody's Investors Service said it upgraded Volvo Car AB’s corporate family rating to Ba1 from Ba2, probability of default rating to Ba1-PD from Ba2-PD and senior unsecured notes to Ba1 from Ba2.

The outlook is stable.

"The upgrade of Volvo's ratings was driven by continued improvements in its operating performance and credit metrics and our expectation that this trend will continue in the current fiscal year founded by further successful new model launches," Falk Frey, Moody’s senior vice president and lead analyst for Volvo Car, said in a news release.

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