Ratings

Rating agency Standard & Poor’s has updated its credit ratings for Volkswagen AG, Volkswagen Financial Services AG and Volkswagen Bank GmbH. The agency confirmed its short-term and long-term ratings of A–2 and A– respectively for Volkswagen AG and Volkswagen Financial Services AG. The outlook for the two companies was changed from “stable” to “negative” in the reporting period. The ratings for Volkswagen Bank GmbH were downgraded by one notch each to A–2 and A–; here, too, the outlook is “negative”. Moody’s Investors Service also performed its regular review of the credit ratings for Volkswagen AG, Volkswagen Financial Services AG and Volkswagen Bank GmbH. The short-term and long-term ratings for Volkswagen AG and Volkswagen Financial Services AG were confirmed, at P–2 and A3 respectively; the outlook for both companies was reduced to “stable”. The short-term and long-term ratings for Volkswagen Bank GmbH, which are currently one notch higher than those for Volkswagen AG and Volkswagen Financial Services AG at P–1 and A2, are on the watch list for a possible downgrade.

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