Volkswagen Bank, S.A. -- Moody's changes the outlook on VW Bank Mexico and VW Leasing Mexico's long-term debt ratings to negative

Mexico, September 25, 2015 -- Moody's de Mexico has today changed the outlooks on Volkswagen Bank, S.A's (VW Bank Mexico) and Volkswagen Leasing S.A. de C.V.'s (VW Leasing Mexico) senior unsecured debt ratings to negative from stable. At the same time, Moody's affirmed the Aa3 ratings on their debt. Moody's also affirmed VW Bank Mexico's Ba2/Not-Prime local and foreign currency long- and short-term deposit ratings, and maintained their stable outlook. In addition, the rating agency affirmed both entities' Mexican National Scale ratings, as well as the bank's ba2 adjusted baseline credit assessment (adj. BCA) and its Ba1(cr)/Not-Prime(cr) counterparty risk assessment (CR Assessment).

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