VWBRVolkswagen Brasil
VWBRVideo Web-Based Reservations (Sprint)
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VWFS AG provides the PIO to bondholders to buy back the bonds and cover outstanding coupons in case of default by VWBR. Fitch believes that VWFS AG, if required, would have a very strong propensity to honour the obligation due to its publicly stated commitment to do so, the majority ownership and potential reputational damage from not honouring the obligation and the importance of the Russian market for the VW group.
As indicated in the terms of the PIO, it could be terminated under certain conditions which might happen in Russia and are beyond VWFS AG's control, including the impossibility of payments and settlements in Russia, nationalisation of VWBR or expropriation of a part of the VWFS AG's property in Russia, war or revolution, and circumstances under which none of the internationally recognised rating agencies assigns a credit rating to the Russian Federation.
A downgrade of VW AG's ratings or a downgrade of Russia's sovereign rating would likely result in a downgrade of VWBR's bond rating.