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The impact of the emission scandal of Volkswagen on its credit rating
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Credit ratings are used to assess the probability of default of a company. There are different
approaches using a quantitative, qualitative or a hybrid method for evaluating the
creditworthiness. In this thesis, the impact of the emission scandal of Volkswagen on the
credit rating will be determined. Therefore, three approaches will be conducted, namely the
S&P rating, which is a hybrid method, as well as the two quantitative concepts Z-Score and
Distant to Default, will be conducted. The results will be compared with each other before as
well as after the emission scandal.