Volvo Cars has had its credit rating upgraded by Moody’s, the global credit rating agency, from Ba2 with a stable outlook to Ba1 with a stable outlook, underlining Moody’s faith in Volvo Cars’ ongoing global financial and operational transformation.
The new rating places Volvo Cars one step below an investment grade rating.
Volvo Cars is also rated BB+ with a stable outlook by Standard & Poor’s, a global credit rating agency.
This information is information that Volvo Car AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 16:05 on May 02, 2018.
About Volvo Car Group
Volvo has been in operation since 1927. Today, Volvo Cars is one of the most well-known and respected car brands in the world with sales of 571,577 cars in 2017 in about 100 countries. Volvo Cars has been under the ownership of the Zhejiang Geely Holding (Geely Holding) of China since 2010. It formed part of the Swedish Volvo Group until 1999, when the company was bought by Ford Motor Company of the US. In 2010, Volvo Cars was acquired by Geely Holding.
As of December 2017, Volvo Cars had over 38,000 employees worldwide. Volvo Cars head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars head office for China is located in Shanghai. The company’s main car production plants are located in Gothenburg (Sweden), Ghent (Belgium), Chengdu and Daqing (China), while engines are manufactured in Skövde (Sweden) and Zhangjiakou (China) and body components in Olofström (Sweden).