TEXT-Fitch downgrades Volvo to 'BBB'; outlook remains negative

Newswire

(The following statement was released by the ratings agency) July 30 - Fitch Ratings has today downgraded Swedish-based AB Volvo's (Volvo) Long-term Issuer Default Rating (IDR) and senior unsecured debt rating to 'BBB' from 'BBB+', respectively, and downgraded it's Short-term IDR to 'F3' from 'F2'. The Outlook on the Long-term IDR is Negative. The downgrade reflects the stronger-than-expected deterioration in Volvo's credit metrics following the announcement of its Q209 and half year ...

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