Creditreform Rating has affirmed the unsolicited corporate issuer rating of Volkswagen AG at BBB+. The outlook remains stable. This is mainly due to the VW Group's overall robust qualitative and quantitative fundamentals, resulting from its diversified business model, broad product and brand portfolio, leading market position in the relevant markets, and fundamentally solid operating earnings and internal cash flow generation, although recently negatively impacted by pandemic/exogenous factors. We continue to regard the financial and liquidity position of the VW Group as solid in conjunction with established access to the capital markets.
Creditreform Rating has confirmed the unsolicited corporate issuer rating of Volkswagen AG with BBB+ and a stable outlook.
The overall solid fundamental data of the financial ratio analysis and the qualitative factors, which have developed positively in recent years, significantly support Volkswagen AG's rating. Even if the business development of the group, especially in the Chinese market, shows signs of recovery in the second half of 2020, the operational indicators up to the third quarter remain noticeably below previous year´s figures. We expect that the economic situation of the group will improve again in the course of a relativization of the pandemic assumed for 2021 and consider the size, market position as well as the solid financial strength and capital market viability as sufficiently stabilizing factors until then.
Creditreform Rating has carried out an unsolicited corporate rating of Volkswagen AG.