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

Paris

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 rating by one notch to A- and could cut it "by up to two more notches" again in future in the 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".