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VW makes bond issue on Mexican Stock Exchange.
South American Business Information, June, 2003
Mexico, Jun 26, 2003 (El Economista/SABI via COMTEX)
By means of an issue of Pesos$5.5bil in in peso bonds (Certificados Bursatiles), Volkswagen has begun trading for the first time on the Mexican Stock Exchange. VW is also the first foreign car company to do so. The capital raised by the issue will allow the company to maintain its production commitments at its Puebla plant for the next five years, and update some machinery. The bond issue has received an 'mxAAA' rating from Standard and Poor's, which is the highest possible rating. VW Mexico sold 441,525 vehicles in 2002 and had an income of Pesos$65.7bil. The company ahs a 25% share of the Mexican market, offering not only its own models, but also those of Audi, Seat and Porsche.
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