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CONSUMER CYCLICALS: Volkswagen (VW A3/BBB+/A-): Lowers Guidance

CONSUMER CYCLICALS

We see this as credit neutral

  • Operating margin forecast downgraded from 7-7.5% to 6.5-7%. This is mainly due to a consultation process at the Brussels site likely leading to closure.
  • Other forecasts remain unchanged.
  • Porsche profit forecast is also impacted by about 6%.
  • Cash impact likely to be spread over a longer period, with long term benefits to closing higher cost sites.

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