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S&P cuts Volkswagen's credit rating after emissions scandal

Agency downgrades VW's long-term debt rating by one notch to A-, could cut it "by up to two more notches" in future

VW has already said it will set aside 6.5 billion euros in provisions in the third quarter, but its new chief executive has said that sum would only cover the costs of repairs.


THE international credit rating agency Standard and Poor's (S&P) on Monday cut the long-term debt rating of German car giant Volkswagen in the wake of the pollution-cheating scam involving its diesel vehicles.

S&P said that it was downgrading VW's long-term debt