Business Services Industry
VW debuts on Stock Exchange with good ratings.
Internet Securities, June, 2003
MEXICO CITY, Jun 26, 2003 (El Economista/Corporate Mexico by Internet Securities, Inc. via COMTEX) -- The carmaker Volkswagen de Mexico has made its debut on the Mexico City Stock Exchange (BMV) with the issue of 5.5 billion pesos (US$256 million) in Stock Certificates. This is the first foreign automobile firm to make such a move. The funds generated by the debt issue will allow the company to inject funds into its Puebla plant to fulfill production commitments for at least the next five year, as well as replacing machinery and equipment. The issue was backed by Standard & Poor's, who granted the paper the top rating of "mxAAA". S&P said this grade was the highest on its scale and was backed up by the unconditional and irrevocable guarantee of VW's parent company in...
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