(AOF) – Fitch ratings Wednesday boosted Volkswagen’s long-term provider rating from ‘BBB +’ to ‘A-‘. The rating agency explains that this increase is fueled by the consistent financial profile of the German car manufacturer. This, despite the weak corporate governance structure compared to their counterparts, and the continued pressure from components and rising commodity prices.
Added to this new loan estimate is a consistent view. This reflects Fitch’s expectation that the Ebit margin will remain above 8% and the free cash flow margin will be around 3% over the medium term.
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New giant on used cars
The market, which represents 400 billion euros in Europe, is facing a serious movement. The British Constellation Group has taken over the retail platform, CarNext. The purpose is to create a European leader in this industry and to force itself against other leaders such as German AutoHero, British Cazoo or French Aramis Auto. Fundraising is on the rise. UK Cazoo has announced its listing on the New York Stock Exchange via Spac (Special Purchasing Acquisition Company) for $ 1.6 billion. The German Auto1 Group added 1.8 billion euros to the Frankfurt Stock Exchange while the French Aramis Group, a subsidiary of Stellantis, entered the Paris Stock Exchange.