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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RATINGS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Volkswagen AG

 

Volkswagen
Financial Services AG

 

Volkswagen Bank GmbH

 

 

2009

 

2008

 

2007

 

2009

 

2008

 

2007

 

2009

 

2008

 

2007

*

Review for Downgrade.

Standard & Poor’s

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

short-term

 

A–2

 

A–2

 

A–2

 

A–2

 

A–2

 

A–2

 

A–2

 

A–1

 

A–1

long-term

 

A–

 

A–

 

A–

 

A–

 

A–

 

A–

 

A–

 

A

 

A

Outlook

 

negative

 

stable

 

stable

 

negative

 

stable

 

stable

 

negative

 

negative

 

stable

Moody’s Investors Service

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

short-term

 

P–2

 

P–2

 

P–2

 

P–2

 

P–2

 

P–2

 

P–1

 

P–1

 

P–1

long-term

 

A3

 

A3

 

A3

 

A3

 

A3

 

A3

 

A2

 

A2

 

A2

Outlook

 

stable

 

positive

 

stable

 

stable

 

positive

 

stable

 

RfD*

 

stable

 

stable

OUR INVESTOR RELATIONS TEAM IS AVAILABLE FOR QUERIES AND COMMENTS.

WOLFSBURG OFFICE (VOLKSWAGEN AG)
Phone +49 5361 9-86622 IR-Hotline
Fax +49 5361 9-30411
E-mail investor.relations@volkswagen.de
Internet www.volkswagenag.com/ir

LONDON OFFICE (VOLKSWAGEN AG)
Phone +44 20 7290 7820
Fax +44 20 7629 2405

INVESTOR RELATIONS LIAISON OFFICE
(VOLKSWAGEN GROUP OF AMERICA, INC.)
(Questions relating to American Depositary Receipts)
Phone +1 703 364 7000
Fax +1 703 364 7080

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