TEXT-S&P cuts Volvo corporate credit rating to 'BBB+'

Newswire

(The following statement was released by the rating agency) April 29 - Standard & Poor's Ratings Services said today it lowered its long-term corporate credit rating on Sweden-based automotive group Volvo (publ), AB to 'BBB+' from 'A-', reflecting our view that lower cash generation in 2009 will likely lead to a considerably weaker financial risk profile in the medium term. The 'A-2' short-term rating was affirmed. The outlook is negative. "The downgrade reflects a negative revision ...

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