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Rating Action:

Moody's assigns Aaa.mx to Volkswagen Leasing's certificados bursátiles

Global Credit Research - 27 Aug 2013

Mexico, August 27, 2013 -- 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 billion certificados bursátiles due 2017 (VWLEASE 13-2). 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 VW Leasing's existing Mx$15 billion ten-year program of short- and long-term certificados bursátiles (Debt Program). 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.

RATINGS RATIONALE

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 sources and items of information used to determine VW Leasing's rating include 2012 and 2013 interim financial statements (source: VW Leasing); year-end 2012 audited financial statements (source: VW Leasing, audited by Pricewaterhouse Coopers, S.C.); and offering memorandum, prospect and supplement for 8th takedown of certificados bursatiles (source: VW Leasing).

The period of time covered in the financial information used to determine VW Leasing's rating is between 31 December 2007 and 30 June 2013 (source: VW Leasing and Moody's).

The principal methodology used in this rating was Finance Company Global Rating Methodology published in March 2012. Please see the Credit Policy page on www.moodys.com.mx for a copy of this methodology.

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 Methodology published in October 2012 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

The last Credit Rating Action on Volkswagen Leasing, S.A. de C.V. was on 11 February 2013, when Moody's assigned an Aaa.mx long-term Mexican national scale senior debt rating to VW Leasing's proposed Mx$2 billion certificados bursátiles (VWLEASE 13).

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 headquartered 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. At end 2012, VWFS AG had total assets of EUR87 billion.

REGULATORY DISCLOSURES

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 information.

The rating has been disclosed to the rated entity prior to public dissemination.

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.

For ratings issued on a program, series or category/class of debt, this announcement provides certain 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 certain 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 certain 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.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

In compliance with regulatory requirements, Moody's de Mexico has been informed by Volkswagen Leasing, S.A. de C.V. that as of the end of the two-month period prior to the date hereof, Standard & Poor's had assigned a rating of mxAAA on the same securities referred to in this press release.

This Rating is subject to upgrade or downgrade based on future changes in the financial condition of the Issuer/Security, and said modifications will be made without Moody's de Mexico S.A. de C.V accepting any liability as a result.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

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.mx 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.

Please see the ratings tab on the issuer/entity page on www.moodys.com.mx for additional regulatory disclosures for each credit rating.

David Olivares Villagomez
VP - Senior Credit Officer
Financial Institutions Group
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

Maria 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

Moody's assigns Aaa.mx to Volkswagen Leasing's certificados bursátiles
No Related Data.

 

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