Investor Presentaiton
POSITIVE RATING TRAJECTORY
06 May 2016
S&P assigns BB rating with positive outlook;
Positive outlook based on possibility of raising
rating by one notch to BB+ if Volvo Cars continues
to be successful in launching new car models,
while maintaining stronger profitability and low
levels of adjusted debt
10 May 2017
S&P raises rating to BB+ with stable outlook citing good
progress in strengthening competitive position and
business profile by demonstrating successful model
launches and improving profitability; Stable outlook reflects
expectation that Volvo Cars will continue successful rollout
of new car models while maintaining profitability and zero
or low levels of adjusted debt
20 November 2018
S&P affirms BB+ rating and revises outlook to positive; the
outlook reflects Volvo Cars' good position to improve its credit
metrics over 2019-2021, including meaningful improvement in
free operating cash flow to debt. Positive outlook reflects good
progress in strengthening competitive position and successful
model launches establishing itself as a premium car
manufacturer
S&P Global
Ratings
Jan-16
MOODY'S
19 March 2019
Volvo Car's parent company Zhejiang Geely
Holding Group rated Investment Grade
BBB- with stable outlook by S&P
Apr-16
Jul-16
Oct-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Jan-19
09 May 2016
Moody's assigns first-time Ba3
rating with positive outlook; Positive
outlook reflects commencement of
major product renewal programme
12 Oct 2016
21 Dec 2016
Moody's comment:
SEK 5bn Preference
Shares Issue Is
Credit Positive
30 Jun 2017
Moody's comment: Volvo Car's
declared SEK 2.2bn dividend is credit
negative but has no impact on Ba2
rating
Moody's upgrades rating to Ba2 with stable outlook;
Upgrade reflects strong operating performance based
on the successful introduction of new XC90 and
several expected new product launches
17 Oct 2017
Moody's affirms Ba2 rating with stable outlook.
Stable outlook based on expectation that renewal
programme and subsequent sales and earnings
growth will lead to a further improvement in credit
metrics
2 May 2018
Moody's upgrades rating to Ba1 with
stable outlook; Upgrade reflects
continued improvements in operating
performance and credit metrics, with
expectations that the trend will
continue founded by further successful
new model launches
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