S&P cuts Volkswagen's credit rating after scandal

GMT 14:20 2015 Monday ,12 October

Arab Today, arab today S&P cuts Volkswagen's credit rating after scandal

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The international credit rating agency Standard and Poor's on Monday cut by one notch the long-term debt rating of German auto giant Volkswagen in the wake of the pollution-cheating scam involving its diesel vehicles. 

S&P said in a statement it was downgrading VW's long-term debt rating to A- and could cut "by up to two more notches" again in future in face of the "wide-ranging negative credit consequences following its admission that it installed software designed to manipulate diesel engine exhaust emissions in 11 million vehicles."

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