The note of the group’s long-term debt is lowered by one notch to BBB +, A- against before, and the outlook remains negative, which means that a further deterioration of one or two notches is still possible in the near future, says S & amp; P.
The agency had already downgraded the note in mid-October, a few weeks after the revelation of a vast cheating environmental tests established by Volkswagen through a faker software installed on more than 11 million vehicles the world.
The risks and costs associated with the scandal “ continue to grow and deepen ,” wrote Standard & Poor’s.
In particular, Volkswagen announced Tuesday the recall of more than 320,000 vehicles in India, he will have to ensure the re-compliance.
“ We expect that Volkswagen has to face negative credit events related to its manipulation and distorted representations of emissions and consumption levels of its engines “said S & amp; P.
In addition, “ we see a reputation and tarnished brand image, lower business prospects, a more difficult competitive environment, substantial costs ” and weakened financial indicators Is he added.
Volkswagen have admitted in September with 11 million diesel engines a faker software capable of distorting the results of emission tests. The giant with 12 brands (the Seat and Skoda urban sedans Audi and Porsche sports, through MAN and Scania trucks) was also recently recognized falsifying carbon dioxide emission levels (CO2) 800,000 other cars.
The bill of scandal already looks salty. The group should have to pay billions of euros in recall, various penalties and compensation.
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