Fitch downgrades Volkswagen debt ratings

Newswire

NEW YORK, July 23 (Reuters) - Fitch Ratings downgraded Volkswagen AG's debt ratings on Friday, citing expected declines in profitability. Fitch cut Volkswagen's senior unsecured rating to "A-minus," the fourth lowest investment-grade rating, from "A." The ratings agency also cut the German company's short-term rating to "F2," the third-highest level, from "F1." The outlook for the ratings over the next 18 to 24 months is negative, Fitch said.

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