DBRS Assigns A (low) Rating to New VW Credit Canada Issue

DBRS has today assigned a rating of A (low) with a Positive trend to the Senior Unsecured Notes (the Notes) issued by VW Credit Canada, Inc. (VW Credit Canada) on October 10, 2012.

The four-year Notes have an aggregate principal amount of $400 million and mature on October 11, 2016.

The Notes are unconditionally guaranteed by Volkswagen AG and rank pari passu with all other senior unsecured obligations of VW Credit Canada.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The ratings of VW Credit Canada, Inc. are based on a guarantee of Volkswagen AG.

The applicable methodology is Rating Companies in the Automotive Industry (April 2011), which can be found on our website under Methodologies.