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HomeBank CapitalVolkswagen Leasing, S.A. de C.V. -- Moody's upgrades Mexico's Volkswagen Bank's

Volkswagen Leasing, S.A. de C.V. — Moody’s upgrades Mexico’s Volkswagen Bank’s

Rating Action: Moody’s upgrades Mexico’s Volkswagen Bank’s ratings, outlook stable; affirms Volkswagen Bank and Volkswagen Leasing’s backed debt ratings; changes outlook to stableGlobal Credit Research – 05 Apr 2021 Mexico, April 05, 2021 — Moody’s de MĂ©xico, (“Moody’s”) has upgraded Volkswagen Bank, S.A.’s (VW Bank) long- term global local and foreign currency deposit ratings to Ba1 from Ba2, following the upgrade of its baseline credit assessment (BCA) to b1 from b2. The adjusted BCA, which incorporates affiliate support, was also upgraded to ba1 from ba2. VW Bank’s long-term Mexican national Scale deposit rating was upgraded to A1.mx from A2.mx.In addition, Moody’s affirmed the short-term local and foreign currency deposit ratings of Not Prime, and the national scale short-term local currency deposit rating in of MX-1. The outlook on VW Bank’s deposits ratings remained stable. The rating agency also affirmed VW Bank and Volkswagen Leasing, S.A de C.V.’s (VW Leasing) backed global and national scale long-term senior unsecured ratings A3 and Aaa.mx, respectively. The outlook on VW Bank senior unsecured rating was changed to stable from negative, and the issuer level outlook of VW Leasing was also changed to stable from negative. This rating action on VW Bank and VW Leasing’s debt ratings follows a similar action taken by Moody’s on the ratings of Volkswagen Financial Services AG (VW FS AG, senior unsecured debt rating of A3, stable) on 30 March 2021, which in turn, follows the change in outlook of the ratings of Volkswagen Aktiengesellschaft (Volkswagen AG, issuer rating of A3, stable), to stable from negative, on 26 March 2021. Both VW Leasing’s and VW Bank’s backed senior unsecured debt ratings benefit from an explicit guarantee from VW FS AG. VW Bank’s deposit ratings benefit from Moody’s assessment of very high support from its parent VW FS AG.The following ratings and assessments of Volkswagen Bank, S.A. (821153838) were upgraded:..Baseline Credit Assessment to b1 from b2…Adjusted baseline credit assessment to ba1 from ba2..Long-term global local currency deposit rating to Ba1 from Ba2, outlook stable..Long-term global foreign currency deposit rating to Ba1 from Ba2, outlook stable..Long-term counterparty risk assessment to Baa3(cr) from Ba1(cr)..Short-term counterparty risk assessment to Prime-3(cr) from Not Prime(cr)..Long-term Mexican National Scale local currency deposits rating to A1.mx from A2.mxThe following ratings of Volkswagen Bank, S.A. (821153838) were affirmed:..Short-term global local currency deposit rating of Not Prime..Short-term global foreign currency deposit rating of Not Prime..Short-term Mexican National Scale local currency deposit rating of MX-1..Backed long-term global local currency senior unsecured debt ratings of A3, outlook changed to stable from negative (VWBANK 18)..Backed long-term Mexican National Scale local currency senior unsecured ratings of Aaa.mx, outlook changed to stable from negative (VWBANK…

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