Swedish Truck Manufacturer Scania Downgraded To 'BBB+' On Similar Action On Parent; Outlook Negative

On Dec. 1, 2015, we lowered our rating on Volkswagen AG (VW), Scania AB's parent, to 'BBB+'. Scania is a highly strategic entity within the VW group, in our view, implying that it cannot carry a higher rating than its owner. We are therefore downgrading Scania to 'BBB+', the same level as its parent. The outlook is negative, reflecting that on its parent. If we downgrade VW, we would take the same action on Scania. STOCKHOLM (Standard&Poor's) Dec. 2, 2015--Standard&Poor's Ratings Services today lowered its long-term corporate credit rating on Sweden-based heavy truck manufacturer Scania AB (publ.) to 'BBB+' from 'A-'. The outlook is negative. Additionally, we affirmed our 'A-2' short-term corporate credit rating and 'K-1'

...+ On Dec. 1, 2015, we lowered our rating on Volkswagen AG (VW), Scania AB's parent, to '###+'. + Scania is a highly strategic entity within the VW group, in our view, implying that it cannot carry a higher rating than its owner. + We are therefore downgrading Scania to '###+', the same level as its parent. + The outlook is negative, reflecting that on its parent. If we downgrade VW, we would take the same action on Scania. STOCKHOLM (Standard & Poor's) Dec. 2, 2015--Standard & Poor's Ratings Services today lowered its long-term corporate credit rating on Sweden-based heavy truck manufacturer Scania AB (publ.) to '###+' from 'A-'. The outlook is negative. Additionally, we affirmed our 'A-2' short-term corporate credit rating and 'K-1' Nordic rating on Scania. At the same time, we removed our global and regional scale ratings on Scania from CreditWatch negative where we placed them on Sept. 25, 2015, and Oct. 13, 2015, respectively (see "Swedish Heavy Truck Manufacturer Scania 'A-' Rating...

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