...June 10, 2020 - Germany-based auto group Volkswagen AG is proposing to issue unsecured subordinated hybrid notes to refinance its 1.25 billion hybrid securities with a first call date in March 2021. - We assess the proposed notes as having intermediate equity content, under our criteria. - We are assigning our '###-' issue rating to the proposed notes, reflecting their subordination and optional interest deferability. MILAN (S&P Global Ratings) June 10, 2020--S&P Global Ratings today said it assigned its '###-' long-term issue rating to the proposed five- and nine-year noncallable, perpetual, optionally deferrable, and subordinated hybrid notes to be issued by Volkswagen International Finance N.V., under the guarantee of the parent company, Germany-based automaker Volkswagen AG (VW; ###+/Negative/A-2). The transaction's completion and size will be subject to market conditions, but we anticipate approximately 2 billion of total issuance subject to market conditions. We assume VW plans to...
