TEXT-S&P cuts Volkswagen Bank ratings to 'A-/A-2'; outlook neg

Newswire

(The following statement was released by the ratings agency) Aug 31 -- Both VW Bank and VW Financial Services face pressure on margins and their asset quality is deteriorating in the current recessionary environment. -- We are lowering our ratings on VW Bank to 'A-/A-2'. -- The outlook is negative, reflecting the potential for a further pressure on its stand-alone credit profile. -- We are affirming the 'A-' long-term rating on VW Financial Services and the outlook is negative, ...

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