S&P affirms Volkswagen with BBB+/A-2 – stable outlook |  information

S&P affirms Volkswagen with BBB+/A-2 – stable outlook | information

FRANKFURT (Dow Jones) — Rating agency Standard & Poor’s (S&P) has affirmed Volkswagen AG’s credit rating. The long-term rating remains BBB+, announced S&P Global Ratings. The short term rating is still A-2. The agency affirmed the rating outlook as stable.

According to S&P, VW has strengthened its balance sheet with steady cash flow over the past two years. It is expected that the Wolfsburg-based group will continue to reduce its debt due to the shortfall in pensions and expected net income.

“Nevertheless, we view the stock reduction in Porsche as negative for VW’s business,” S&P said. The reason is the increasing competition, especially in the electric car segment in China. This increases uncertainty about VW’s long-term market position.

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(END) Dow Jones Newswires

October 12, 2022 10:06 ET (14:06 GMT)

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