S&P cuts VW rating

PARIS: The international credit rating agency Standard and Poor’s (S&P) on Monday cut the long-term debt rating of German auto giant Volkswagen (VW) in the wake of the pollution-cheating scam involving its diesel vehicles. S&P said in a statement 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 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’.