S&P cuts Volkswagen's credit rating after scandal

PARIS: The international credit rating agency Standard and Poor's on Monday cut by one notch the long-term debt rating of German auto giant Volkswagen 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 to A- and could cut "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."