UPDATE 1-VW Financial Services steers clear of subprime mess

Newswire

(Adds details, background) MUNICH, March 18 (Reuters) - Volkswagen Financial Services AG steered clear of risky assets backed by shaky U.S. mortgage loans but still expects refinancing costs to rise this year, it said on Tuesday. "We have no subprime investments so we don't have any need for such writedowns. As a result we can look upon the turbulences in capital markets with a certain calmness," division head Burkhard Breiing said in remarks prepared for a news conference. ...

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