Volkswagen Bank, S.A. -- Moody's affirms Volkswagen Bank's ratings; stable outlook

Mexico, December 16, 2013 -- Moody's de México today affirmed all ratings for Volkswagen Bank, S.A. (VW Bank), including the E+ financial strength rating (BFSR), which now maps to an unsupported baseline credit assessment (BCA) of b2, from b3 previously. Moody's also affirmed the bank's long- and short-term local and foreign currency deposit ratings of Ba2 and Not Prime, its long- and short-term Mexican National Scale deposit ratings of A2.mx and MX-2 and its long-term local currency senior debt ratings of A3, and Mexican National Scale debt rating of Aaa.mx. The outlook is stable (m).

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