TEXT-S&P cuts AB Volvofinans long-term ratings to BBB

Newswire

(The following statement was released by the rating agency) NEW YORK, Oct 28 - Standard & Poor's Ratings Services said today it lowered its long-term ratings on Sweden-based car finance company AB Volvofinans to triple-'B' from triple-'B'-plus. At the same time, the ratings were removed from CreditWatch, where they had been placed on Oct. 16, 2002. The outlook is negative. The action follows the lowering of long-term ratings on Volvofinans' ultimate parent company, Ford Motor Co. ...

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