Global car maker Volkswagen AG intends to issue subordinated hybrid securities. We assess the proposed securities as having "intermediate" equity content under our criteria. We are assigning our 'BBB' issue rating to the proposed securities to reflect their subordination and optional deferability. PARIS (Standard&Poor's) Aug. 29, 2013--Standard&Poor's Ratings Services said today that it assigned its 'BBB' long-term issue rating to the proposed five-year non-call and ten-year non-call hybrid notes to be issued by Volkswagen International Finance N.V., the Dutch finance subsidiary of Germany-based automotive group Volkswagen AG (A-/Positive/A-2), also the guarantor of the notes. The completion and size of the overall issuance will be subject to market conditions. We classify the two hybrids as having "intermediate"
