Arab Today, arab today sp again cuts scandalhit volkswagens credit rating
Last Updated : GMT 04:44:48
Arab Today, arab today
Arab Today, arab today

For German automaker Volkswagen

S&P again cuts scandal-hit Volkswagen's credit rating

Arab Today, arab today

Arab Today, arab today S&P again cuts scandal-hit Volkswagen's credit rating

Standard and Poor's lowered to 'BBB+' from 'A-' Volkswagen's long-term
Berlin - Arab Today

Standard and Poor's cut its credit rating for German automaker Volkswagen for a second time in two months Tuesday, saying its emissions scandal had "tarnished VW's reputation and brand perception".

The international credit rating agency lowered to 'BBB+' from 'A-' its long-term debt rating and said the outlook remained negative amid the biggest scandal in the company's history.

"The downgrade reflects our view that VW's manipulation of engine emissions exposes the group to material, wide-ranging adverse credit impacts," said the agency, which had already downgraded Volkswagen in mid-October.

"In our view, these events have tarnished VW's reputation and brand perception, and will negatively affect the group's market position and competitive advantage."

Volkswagen has been engulfed in scandal since September, when it admitted more than 11 million diesel vehicles worldwide had "defeat" software designed to cheat on emissions tests.

The devices turn on emissions controls when a vehicle undergoes emissions test, then turn them off under normal operations, allowing illegal amounts of nitrogen oxide to spew into the air.

The world's number-two automaker faces regulatory and criminal investigations in several countries, including Germany and the United States, and potentially billions of dollars in fines.

The scandal has widened, with the German automaker subsequently revealing that it had understated carbon dioxide emissions, including those for gasoline engines, for up to 800,000 vehicles.

S&P said that for VW "these risks and related costs continue to expand and deepen, particularly following the recent disclosures regarding the misrepresentation of CO2 emissions and fuel consumption levels".

"We also see weaker business prospects for the group, as VW experiences reduced profits and cash flows from lower volumes and prices, as well as substantial costs and potential fines and litigation damages," it said in a statement.

Volkswagen's US sales plunged 25 percent in November after it suspended sales of diesel vehicles in the wake of the cheating scandal, the embattled German automaker said Tuesday.

Share prices in the auto giant ended off 1 percent at 130.15 euros Tuesday but still around a quarter below September, when the emissions scandal broke. Even so, shares have recovered from their post-scandal trough having several times fallen below the 100 euro mark in the past three months.
Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today sp again cuts scandalhit volkswagens credit rating Arab Today, arab today sp again cuts scandalhit volkswagens credit rating

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today sp again cuts scandalhit volkswagens credit rating Arab Today, arab today sp again cuts scandalhit volkswagens credit rating

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today 3,250 people killed in Raqqa battle

GMT 03:49 2017 Wednesday ,18 October

3,250 people killed in Raqqa battle
Arab Today, arab today Iran's Facebook shuts down

GMT 23:50 2017 Monday ,16 October

Iran's Facebook shuts down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Anoshka happy for reactions to her talk show

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:55 2017 Thursday ,12 October

Safaa Sultan happy for “Love School”

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:25 2017 Saturday ,14 October

Squeeze on UK health gives advanced

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday