Volkswagen Proposed Mandatory Convertible Bonds Rated 'BBB' And Classified As Having High Equity Content - S&P Global Ratings’ Credit Research

Volkswagen Proposed Mandatory Convertible Bonds Rated 'BBB' And Classified As Having High Equity Content

Volkswagen Proposed Mandatory Convertible Bonds Rated 'BBB' And Classified As Having High Equity Content - S&P Global Ratings’ Credit Research
Volkswagen Proposed Mandatory Convertible Bonds Rated 'BBB' And Classified As Having High Equity Content
Published Nov 05, 2012
Published Nov 05, 2012
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About This Report

  
Abstract:

PARIS (Standard&Poor's) Nov. 5, 2012--Standard&Poor's Ratings Services said today it assigned its 'BBB' long-term issue rating to the proposed, three-year mandatory convertible bonds (MCB) to be issued by Volkswagen International Finance N.V., a Dutch finance subsidiary of Germany-based automotive group Volkswagen AG (A-/Positive/A-2), which is guaranteeing the bonds. The completion and size of the MCB placement remain subject to market conditions. The total amount is expected to reach €2.0 billion. According to our criteria (see "Hybrid Capital Handbook: September 2008 Edition ," published Sept. 15, 2008), we classify the MCBs as having "high" equity content. This means that, in our calculation of Volkswagen's credit ratios, we will treat 100% of the principal outstanding and accrued interest

  
Report Type:

Ratings Action

Ticker
1401Z@NA
Issuer
Volkswagen International Finance N.V.
Sector
Global Issuers, Structured Finance
Country
Netherlands
Region
Europe, Middle East, Africa
Format:
PDF Adobe Acrobat
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Volkswagen Proposed Mandatory Convertible Bonds Rated 'BBB' And Classified As Having High Equity Content" Nov 05, 2012. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Volkswagen-Proposed-Mandatory-Convertible-Bonds-Rated-BBB-And-Classified-As-Having-High-Equity-Content-1031719>
  
APA:
S&P Global Ratings’ Credit Research. (). Volkswagen Proposed Mandatory Convertible Bonds Rated 'BBB' And Classified As Having High Equity Content Nov 05, 2012. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Volkswagen-Proposed-Mandatory-Convertible-Bonds-Rated-BBB-And-Classified-As-Having-High-Equity-Content-1031719>
  
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