Peugeot Bank Cut to Junk at Moody’s on Europe Car Market
This article is for subscribers only.
PSA Peugeot Citroen’s wholly owned bank was cut to one level below investment grade by Moody’s Investors Service, which said the auto-financing unit can’t escape the European car-market contraction plaguing its parent.
The long-term rating on Banque PSA Finance’s debt was lowered by one step to Ba1 from Baa3, Moody’s said in a statement today. The outlook is stable, indicating the rating won’t be reduced again soon.