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

CONSUMER CYCLICALS
  • VW Leasing becomes a subsidiary of VW Bank which becomes a subsidiary of VW Financial Services Europe.
  • The bank baseline assessment was downgraded one notch by Moody’s on heightened asset risk from leasing and higher dependence on market funding. The adjusted rating was affirmed however, so no headline rating change. S&P affirmed while noting the acquisition of leasing temporarily increases dependence on wholesale funding. The bank plans to grow its deposit business substantially. The bank also received a first-time rating of A- from Fitch.
  • VW Leasing was upgraded from A3 to A1 by Moody’s with the entity now benefitting from financing from the bank. We haven’t seen spread outperformance on the back of that so far.
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