Mexico, September 25, 2012 -- Moody's de México assigned an Aaa.mx long-term Mexican national scale senior debt rating to Volkswagen Leasing, S.A. de C.V. (VW Leasing)'s proposed Mx$2.5 billion certificados bursátiles due 2016 (VWLEASE 12). At the same time, Moody's Investors Service assigned an A3 long-term global local currency senior debt rating to these notes.
The certificados bursátiles will be issued under Volkswagen Leasing's existing Mx$15 billion program of short- and long-term certificados bursátiles (Debt Program) whose term has been expanded for an additional five years, for a total term of ten years. The Debt Program is rated (P) A3/positive/Prime-2 on Moody's global scale and Aaa.mx and MX-1 on the Mexican national scale.
The ratings on VW Leasing's debt are based on an unconditional and irrevocable guarantee from the parent entity Volkswagen Financial Services AG (VWFS) rated A3 long-term with positive outlook and Prime-2 short term, on Moody's global scale.
The long- and short-term Mexican National Scale ratings of Aaa.mx/MX-1 indicate issuers or issues with the strongest creditworthiness relative to other domestic issuers.
The principal methodologies used in this rating were "Finance Company Global Rating Methodology", published on March 2012 and "Mapping Moody's National Scale Ratings to Global Scale Ratings" published in March 2011. Please see the Credit Policy page on www.moodys.com.mx for a copy of these methodologies.
The last rating action on Volkswagen Leasing, S.A. de C.V. was on 18 Feb 2011, when Moody's assigned Aaa.mx long-term national scale rating to VW Leasing's Mx$2 billion issuance of certificados bursátiles due 2014 (VWLEASE 11).
Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Implementation Guidance published in March 2011 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".
Additional information on Rating Symbols and Definitions, issuer, lead analyst, ratings history, etc. can be found in Moody's local website www.moodys.com.mx.
The period of time covered in the financial information used to determine VW Leasing's rating is between 31 December 2007 and 30 June 2012 (source: VW Leasing and Moody's).
The sources and items of information used to determine VW Leasing's rating include 2011 and 2012 interim financial statements (source: VW Leasing); year-end 2011 audited financial statements (source: VW Leasing, audited by Pricewaterhouse Coopers, S.C.); debt program amendment (source: VW Leasing); and offering memorandum, prospect and supplement for 6th takedown of certificados bursatiles (source: VW Leasing).
Volkswagen Leasing S.A. de C.V., headquartered in Puebla, México is a subsidiary of Volkswagen Financial Services AG (VWFS) providing financial services to Volkswagen de Mexico S.A. de C.V. customers. VWFS is headquarter in Braunschweig, Germany and is a wholly owned subsidiary of Volkswagen AG. VWFS is responsible for coordinating the worldwide financial services activities of the Volkswagen Group. As of year-end 2011, VWFS AG had total assets of EUR77 billion.
The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.mx.
For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.mx.
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Information sources used to prepare the rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.
A general listing of the sources of information used in the rating process, and the structure and voting process for the rating committees responsible for the assignment and monitoring of ratings can be found in the Disclosure tab in www.moodys.com.mx.
In compliance with regulatory requirements, Moody's de Mexico has been informed that during the two-month period prior to the execution of the rating agreement governing this rating assignment, Standard & Poor's has assigned a rating of mxAAA on the same issuer/securities referred to in this press release.
Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.
Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.
Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com.mx for further information on the meaning of each rating category and the definition of default and recovery.
Please see ratings tab on the issuer/entity page on www.moodys.com.mx for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com.mx for further information.
Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.
The ratings issued by Moody's de Mexico are opinions regarding the credit quality of securities and/or their issuers and not a recommendation to invest in any such security and/or issuer.
David Olivares Villagomez VP - Senior Credit Officer Financial Institutions Group Moody'sde Mexico S.A. de C.V Ave.Paseo de las Palmas No. 405 - 502 Col. Lomas de Chapultepec Mexico, DF 11000 Mexico JOURNALISTS: 001-888-779-5833 SUBSCRIBERS:52-55-1253-5700Maria Celina Vansetti-Hutchins MD - Banking Financial Institutions Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's de Mexico S.A. de C.V Ave.Paseo de las Palmas No. 405 - 502 Col. Lomas de Chapultepec Mexico, DF 11000 Mexico JOURNALISTS: 001-888-779-5833 SUBSCRIBERS:52-55-1253-5700(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.
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