DBRS Assigns Rating of “A” to New VW Credit Canada Issues

DBRS Limited (DBRS) has today assigned a rating of “A” with a Stable trend to both the $325 million and the $425 million Senior Unsecured Notes (collectively, the Notes) issued by VW Credit Canada Inc. (VW Credit Canada).

The $325 million Senior Unsecured Notes mature on April 4, 2018, while the $425 million Senior Unsecured Notes mature on June 24, 2020.

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

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

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodology is Rating Companies in the Automotive Manufacturing Industry, which can be found on our web site under Methodologies.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.