Fitch downgraded Volkswagen to “BBB+” with negative Outlook

LONDON, 9 November. International rating Agency Fitch downgraded long-term Issuer default rating Volkswagen to “BBB+” from “A” with a negative Outlook. According to a press release of the Agency, the short-term rating on the automaker also lowered to “F2” from “F1”.

The downgrade reflects expected Volkswagen financial losses automaker, including the costs of the recall of vehicles, fines and lawsuits, due to the effects of diesel scandal after the discovery on vehicles with diesel engines are software that allows you to bypass strict ecological standards of the USA.

At the moment the investigation against the company started in several countries in Europe and Asia. As noted in the press release of the automaker, the problem of falsifying data environmental tests on the content of harmful substances in exhaust gases of vehicles affected to 11 million cars worldwide.