Volkswagen AG http://www.alacrastore.com/company-snapshot/Volkswagen_AG-1017819 Friday, September 05, 2008 1:45:38 PM 1017819 Volkswagen AG en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/666008spcred/666008normThe latest Full Report from S&Pglobalstructured8/19/2008 8:23:00 AM400Full Report666008GermanyAutomobile ManufacturersAsiaCanadaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceFinancial InstitutionsInsuranceCorporationsAsset-Backed SecuritiesCollateralized Debt ObligationsCapital GoodsAutomotiveHigh TechnologyFull ReportMultibrand strategy, offering broad product and geographic diversity Premium pricing strategy, which is, however, subject to rising pressure Commitment to maintain a moderate financial leverage Strong financial profile with above-average profitability and cash flow generation High financial flexibility Still unfavorable, but improving cost position and currency exposure Continued losses in North America Weakening economic and industry environment Corporate governance uncertainties The ratings on Germany-based automaker Volkswagen AG (VW) are supported by the group's position as the leading European mass-market automotive manufacturer, its moderate financial leverage, and good liquidity. The ratings benefit from VW's globally recognized brand names and the comprehensive product mix offered through the group's multibrand passenger-car strategy, as well as the contribution of its financial services operation. VWDEU92866225102010 251020 2510 25Volkswagen AG116998ASIACANEMERGINGEUROMIDAFRLATAMERICAUSAVOW@GRFULLSWEDEUBELIRLNLD3133XLB5595NN5319ND9452W233829D9452RD6003B40301010 403010 4030 4040202010 402020 4020 4025102010 251020 2510 25Volkswagen Insurance Co. Ltd.Volkswagen Group Services SCSVolkswagen Financial Services AGDaimler AGLeasePlan Corporation N.V.Volkswagen Bank GmbHVolkswagen Finans Sverige AB107142118441302085310471336782341290365505EMERGINGASIALATAMERICAPACCANEUROMIDAFRUSADCX@GR1017Z@BB1110Z@GR1170Z@NA2636Z@GR1224Z@SSVON@GRGLOBISSSTRUCFIINSCORPABSCDOCapitalAutomotiveHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/666010spcred/666010normThe latest Summary from S&Pglobalstructured8/19/2008 8:23:00 AM175Summary666010GermanyAutomobile ManufacturersAsiaCanadaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceFinancial InstitutionsCorporationsAsset-Backed SecuritiesCollateralized Debt ObligationsCapital GoodsAutomotiveSummaryThe ratings on Germany-based automaker Volkswagen AG (VW) are supported by the group's position as the leading European mass-market automotive manufacturer, its moderate financial leverage, and good liquidity. The ratings benefit from VW's globally recognized brand names and the comprehensive product mix offered through the group's multibrand passenger-car strategy, as well as the contribution of its financial services operation. VW continues to face significant external challenges, including intensive competition across the global automotive industry. Nevertheless, the group's deliveries to European customers rose by 4.8% in the first half of 2008 compared with the previous year's first six months. In the first half of 2008, automotive operating profits grew to €2.9 billion (up 26% year on year). Automotive operating profit marginsDEU92866225102010 251020 2510 25Volkswagen AG116998ASIACANEMERGINGEUROMIDAFRLATAMERICAUSAVOW@GRSUMMARYDEU23382925102010 251020 2510 25Daimler AG107142EMERGINGPACASIACANEUROMIDAFRLATAMERICAUSADCX@GRGLOBISSSTRUCFICORPABSCDOCapitalAutomotiveCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/428984_pr_framefitch/428984_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Fiat SpAPSA Peugeot Citroen S.A.Renault SAVolkswagen AG803595788036021280460968806384228/11/2008 2:36:00 PM0100000001030000010313000103130185Press Release13190FUGVOW428984_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/moodys/PR_160638_96038moodys/PR_160638_96038htmlGlobal Credit Research Announcement # AUG #### Announcement: Bayerische Motoren Werke Aktiengesellschaft Moody's: Accounting Disclosures by Europe's Auto Manufacturers Reveal Constraints on Comparability London, ## August #### -- In...8/8/2008 12:42:15 AMhtmlBayerische Motoren Werke AktiengesellschaftRenault S.A.MAN AGFiat S.p.A.Peugeot S.A.Daimler AGAB VolvoVolkswagen AktiengesellschaftAB Volvo; Bayerische Motoren Werke Aktiengesellschaft; Daimler AG; ...96038639502600048550277750258621970017000146500150.0000NewsAnnouncementPR_160638_96038Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/428637_pr_framefitch/428637_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.AB ElectroluxAB VolvoAir Liquide S.A.Akzo Nobel N.V.Arcelik A.S.BAE Systems plcBASF SECemex Espana S.A.Ciba Holding Inc.Cognis GmbhCompagnie Financiere Michelin (CFM)Continental AGCRH plcDaimler AGEurochem Mineral And Chemical Company JscEuropean Aeronautic Defence and Space Co., (EADS)Fiat SpAFinmeccanica SpAFord Otosan A.S.GKN Holdings plcHeidelbergCement AGHolcim LtdKazanorgsintez JSCKoninklijke DSM N.V.Lafarge S.A.Lanxess AGLyondellBasell Industries AF S.C.ANizhnekamskneftekhimOAO Kontsern StirolPetkim Petrokimya Holding A.S.Pfleiderer AGPSA Peugeot Citroen S.A.Renault SARhodia S.A.Robert Bosch GmbHRolls Royce Group plcSABIC Europe BVSaint Gobain S.A.Saudi Basic Industries Corporation (SABIC)SIBUR Holding OJSCSolvay SAThales S.A.Vestel Elektronik Sanayi ve TicaretVolkswagen AG80090305803595788035994380360000803602128036051580360517803605248036070880360751803611538036126680361286803612888036133980361368804609688050441880506592806221928063842281023431819133198207994882291694823062948250791682557725828287258303273183209014832242718325412083309480834888718361246583746465837718658383786583942865839596668401726984667073847482708/7/2008 2:20:00 PM01000000010300000103060001030900010309010103110001031300010313010103130201031400010315000103170385Press Release012053131902010AIAKZAARCLKBABASCIBNCONCRHDAIDSMEADELUX BFFNCHEIHOHOLNKZOSLXSNKNCPETKMPFD4RHARRSGOSOLBSTIRUGVESTLVOLV AVOW428637_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/428582_pr_framefitch/428582_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Compagnie Financiere Michelin (CFM)Continental AGDaimler AGFiat SpAGKN Holdings plcPSA Peugeot Citroen S.A.Renault SARheinmetall AGRobert Bosch GmbHVolkswagen AG80359578803602128036136880417179804609688062219280638422819449198303273183224271834888718/7/2008 10:21:00 AM01000000010300000103130001031301010313020103150085Press Release13190CONDAIFRHMUGVOW428582_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/ccbn/T1911833ccbn/T1911833norm...Ladies and gentlemen, welcome to Volkswagen's conference call for the first six months of ####. I am joined today by Hans Dieter Poetsch, member of the Board of Management Volkswagen AG responsible for Finance and Controlling, and by Detlef Wittig, Executive Vice President Volkswagen AG responsible for Group Sales and Marketing. As usual you can also follow the webcast and download the chart from our website www.VolkswagenAG.com/IR. Questions can be sent by e-mail or called in. Before we start I would like to mention that after the speech of Mr. Poetsch and Mr. Wittig, we will first respond to the questions of analysts and later under those of journalists. ... 7/28/2008 5:04:00 PMVolkswagen AG54.0000FinalVolkswagen AG Q2 2008 Earnings Conference Call TranscriptVOWG.F2:00pm CETTranscriptT1911833Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/cs/71977cs/71977norm Autos: Summer of Our Discontent Part # With asset price swings across the auto complex having eclipsed #### and now reminding us of the great #H-#### Chrysler swoon, we look at the key drivers of the fundamental risk story and where...92238668955corphy254Euro Markets Issuers42High Yield7/22/2008 11:07:00 PM150We start a multi-part series on the moving parts of the auto story from justifiable worries to utter neuroses and from the macro to micro level. Are flashbacks to any of 1979, '82, '91, or '05 the right ones? Or is this an all-new game?7197714459YesD0Article50368381212222205512020568055375912110187127497309048922011913166491185492171977Credit & Investment ResearchCreditSightsUS - MAN AG discontinued its plans to acquire the truck operations business of Volkswagen AG, a manufacturer and wholesaler of motor vehicles and parts.7/22/2008 6:51:14 PM56164F93231H56164F928662MAN AGVolkswagen AG-Truck Operations BusinessMAN AGVolkswagen AGhttp://www.alacrastore.com/storecontent/Thomson_M%26A/MAN_AG_withdraws_offer_for_Volkswagen_AG_Truck_Op_Bus-1997192040sdc/19971920401997192040Copyright © 2008, Thomson Financial, All Rights ReservedFrankfurtTransportation EquipmentGermanyMotor vehicles and passenger car bodies3711FFForeignPublicMANG3537:Industrial trucks, tractors, trailers, & stackers3555:Printing trades machinery3559:Special industry machinery, nec3711:Motor vehicles and passenger car bodies3713:Truck and bus bodies5012:Automobiles and other motor vehicles5084:Industrial machinery and equipment6719:Offices of holding companies, nec3537:Industrial trucks, tractors, trailers, & stackers3555:Printing trades machinery3559:Special industry machinery, nec3711:Motor vehicles and passenger car bodies3713:Truck and bus bodies5012:Automobiles and other motor vehicles5084:Industrial machinery and equipment6719:Offices of holding companies, necTransportation EquipmentBrazilTruck trailers3715FFForeignSubsidiary101414001Mnfr,whl coml vehiclesMnfr,whl motor vehicles,partsNot ApplicableAssets1029734001Jul 22 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.0000019.0000020.0000021.0000022.0000023.0000024.0000025.0000026.0000027.0000028.00000MAN AG, located in Munich,Germany, manufactures andwholesales commercialvehicles, engines andmechanical engineeringequipment such as industrialtrucks and bus bodies, foodproducts machinery, andspecial industrial machinery.The company supplies capitalgoods and systems in thefields of commercial vehicleconstruction, mechanical andplant engineering. The companyalso supplies trucks, buses,diesel engines, turbomachinery and providesindustrial services. The Groupoperates through the followingdivisions, commercialvehicles, diesel engines,turbo machines, industrialservices and other serviceswith operations in Germany,Rest of Europe, Asia,Americas, Africa, Australiaand Oceania. The company wasfounded in 1908.MAN AG, located in Munich, Germany, manufactures andwholesales commercial vehicles, engines and mechanicalengineering equipment such as industrial trucks and busbodies, food products machinery, and special industrialmachinery. The company supplies capital goods and systems inthe fields of commercial vehicle construction, mechanicaland plant engineering. The company also supplies trucks,buses, diesel engines, turbo machinery and providesindustrial services. The Group operates through thefollowing divisions, commercial vehicles, diesel engines,turbo machines, industrial services and other services withoperations in Germany, Rest of Europe, Asia, Americas,Africa, Australia and Oceania. The company was founded in1908.MAN AG, located in Munich, Germany, manufactures and wholesales commercial vehicles, engines and mechanical engineering equipment such as industrial trucks and bus bodies, food products machinery, and special industrial machinery. The company supplies capital goods and systems in the fields of commercial vehicle construction, mechanical and plant engineering. The company also supplies trucks, buses, diesel engines, turbo machinery and provides industrial services. The Group operates through the following divisions, commercial vehicles, diesel engines, turbo machines, industrial services and other services with operations in Germany, Rest of Europe, Asia, Americas, Africa, Australia and Oceania. The company was founded in 1908.1.000002.00000Truck operations business ofVolkswagen AGTruck operations business of Volkswagen AGTruck operations business of Volkswagen AG0.000000.000000.000000.00000Y20 Jul 08Sun, 20 Jul 2008 00:00:00 ESTDate Announced: 07/20/2008Date Effective:21 Jul 08Acq. of AssetsNot Appl.0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.000000.000000.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.00000US - MAN AG discontinued itsplans to acquire the truckoperations business ofVolkswagen AG, a manufacturerand wholesaler of motorvehicles and parts.US - MAN AG discontinued its plans to acquire the truck operations business of Volkswagen AG, a manufacturer and wholesaler of motor vehicles and parts.US - MAN AG discontinued its plans to acquire the truck operations business of VolkswagenAG, a manufacturer and wholesaler of motor vehicles and parts.US - MAN AG discontinued its plans to acquire the truck operations business of Volkswagen AG, a manufacturer and wholesaler of motor vehicles and parts.US - MAN AG discontinued its plans to acquire the truck operations business of Volkswagen AG, a manufacturer and wholesaler of motorvehicles and parts.Withdrawn0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Withdrawn-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000003713:Truck and bus bodies3715:Truck trailers3792:Travel trailers and campers101414001FrankfurtGermany3711ForeignPublicMANG3711:Motor vehicles and passenger car bodies3714:Motor vehicle parts and accessories5012:Automobiles and other motor vehicles5013:Automotive parts, supplies100627001FrankfurtGermany3711ForeignPublicVOWG0.000000.000000.000000.00000Deal InformationThomson Financial Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/spcred/370672spcred/370672normThe latest News from S&Pglobalstructuredpubfin7/18/2008 3:04:00 AM100News370672GermanyAutomobile ManufacturersAsiaCanadaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsUtilitiesInsuranceAsset-Backed Commercial PaperAsset-Backed SecuritiesCommercial MBSResidential MBSCollateralized Debt ObligationsCapital GoodsAutomotiveNewsFRANKFURT (Standard&Poor's) April 22, 2004--Standard&Poor's Ratings Services said today its 'A' long-term corporate credit and senior unsecured debt ratings and its 'A-1' short-term corporate credit and commercial paper ratings on Germany-based automaker Volkswagen AG (VW) and related entities, including Volkswagen Financial Services AG (VWFS) and Volkswagen Bank GmbH (VW Bank) remain on CreditWatch with negative implications. This follows the announcement on April 21, 2004, that VW and two co-investors will jointly acquire LeasePlan Corporation N.V. (--/Watch Neg/A-1) from ABN Amro Bank N.V. (ABN AMRO; AA-/Stable/A-1+). The ratings were originally placed on CreditWatch on March 12, 2004, following the company's earnings warning. The purchase price for the LeasePlan acquisition is €2 billion, and closing is expected inDEU92866225102010 251020 2510 25Volkswagen AG116998ASIACANEMERGINGEUROMIDAFRLATAMERICAUSAVOW@GRNEWSDEUNLD00078U0007W000083G3133XLB5595ND6003BD9452RN02601N02636N0265S00077Q00079FN002A3N0264AN026EV00077D00077T00080QD9452WN0264D00078JN0264LN5319N40202010 402020 4020 4040203010 402030 4020 40ABN AMRO Bank N.V.Volkswagen Financial Services AGLeasePlan Corporation N.V.Volkswagen Bank GmbH102647302085310471336782EMERGINGLATAMERICAASIAEUROMIDAFRPACUSA1054Z@NA1110Z@GR1170Z@NA2636Z@GRGLOBISSSTRUCPUBFINCORPFIUTILINSABCPABSCMBSRMBSCDOCapitalAutomotiveCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/370679spcred/370679normThe latest Research Update from S&Pglobalstructuredpubfin7/18/2008 3:04:00 AM175Research Update370679GermanyAutomobile ManufacturersAsiaCanadaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsInsuranceUtilitiesAsset-Backed Commercial PaperAsset-Backed SecuritiesCommercial MBSResidential MBSCollateralized Debt ObligationsCapital GoodsAutomotiveResearch UpdateOn April 22, 2004, Standard&Poor's Ratings Services said that its 'A' long-term corporate credit and senior unsecured debt ratings and its 'A-1' short-term corporate credit and commercial paper ratings on Germany-based automaker Volkswagen AG (VW) and related entities, including Volkswagen Financial Services AG (VWFS) and Volkswagen Bank GmbH (VW Bank) remained on CreditWatch with negative implications. This follows the announcement that VW and two co-investors would jointly acquire LeasePlan Corporation N.V. (--/Watch Neg/A-1) from ABN Amro Bank N.V. (ABN AMRO; AA-/Stable/A-1+). The ratings were originally placed on CreditWatch on March 12, 2004, following the company's earnings warning. The purchase price for the LeasePlan acquisition is €2 billion, and closing is expected in the fall, following the approval ofDEU92866225102010 251020 2510 25Volkswagen AG116998ASIACANEMERGINGEUROMIDAFRLATAMERICAUSAVOW@GRRESUPDDEUNLDIRLBEL00077D00077T00079F00080QD6003BD9452RN026EV0007W000083GB5595NN002A3N02601N5319N00078J3133XLD9452WN0264L00077Q00078UN02636N0264AN0264DN0265S40301010 403010 4030 4040203010 402030 4020 4040202010 402020 4020 4025102010 251020 2510 25ABN AMRO Bank N.V.Volkswagen Group Services SCSVolkswagen Financial Services AGLeasePlan Corporation N.V.Volkswagen Bank GmbHVolkswagen Insurance Co. Ltd.102647118441302085310471336782365505LATAMERICAPACUSAASIAEMERGINGEUROMIDAFR1054Z@NA1017Z@BB1110Z@GR1170Z@NA2636Z@GRVON@GRGLOBISSSTRUCPUBFINCORPFIINSUTILABCPABSCMBSRMBSCDOCapitalAutomotiveCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PBC_109913moodys/PBC_109913pdf...Volkswagen ( VW or the company ) is Europe s largest car manufacturer, with a market share of ##.#% in Western Europe in ####, and ranks number four globally with total annual unit sales of approx. #. # million vehicles. Based in Wolfsburg, Germany, Volkswagen manufactures mass-market and premium cars under the VW, Audi, Skoda, SEAT, Bentley, Lamborghini and Bugatti brands, as well as commercial vehicles. Through its subsidiaries Volkswagen Financial Services and LeasePlan (##% owned), VW also provides the full range of financing, leasing, fleet and rental services. Volkswagen Bank GmbH (A#/P-#/C+), a ###% indirectly owned subsidiary, holds a banking licence and offers retail banking services. ... 7/17/2008 4:27:49 PMpdfVolkswagen AktiengesellschaftVolkswagen Aktiengesellschaft146500300.0000AnalysisAnalysisPBC_109913Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/425159_pr_framefitch/425159_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Fiat SpAPSA Peugeot Citroen S.A.Renault SAVolkswagen AG803595788036021280460968806384227/2/2008 10:19:40 AM0100000001030000010313000103130185Press Release13190FUGVOW425159_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/moodys/PR_158189_806744989moodys/PR_158189_806744989htmlGlobal Credit Research Rating Action ## JUN #### Rating Action: Volkswagen Financial Services Singapore Ltd Moody's changes outlook on Volkswagen's A# ratings to positive Approximately EUR##.# Billion of Debt Affected. Frankfurt, June...6/27/2008 12:31:21 AMhtmlVolkswagen Financial Services Singapore LtdVolkswagen Financial Services Australia LtdVolkswagen Financial Services Japan Ltd.VW Credit Canada, Inc.Volkswagen Canada, Inc.Volkswagen Financial Services N.V.Volkswagen Financial Services AGVolkswagen Leasing GmbH.Volkswagen Investments Ltd.Volkswagen of AmericaVolkswagen Group Services SCSVolkswagen International Finance N.V.Volkswagen AktiengesellschaftVW Credit, Inc.Volkswagen Aktiengesellschaft; Volkswagen Canada, Inc.; Volkswagen Financial Services AG; ...8067449898066497656000635646000534936000534926000205786000205776000187616000135396000086986000086972777146500120500150.0000NewsRating ActionPR_158189_806744989Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/T1836014ccbn/T1836014norm...Good day, ladies and gentlemen, and welcome to today's Volkswagen AG conference call for the first quarter #### results. For your information, this conference is being recorded. At this time, I would like to turn the call over to your host today, Miss Christine Ritz, Group Head of Investor Relations. Please go ahead, madam. ... 4/30/2008 2:05:00 PMVolkswagen AG54.0000FinalQ1 2008 Volkswagen AG Earnings Conference Call TranscriptVOWG.F2:00pm CETTranscriptT1836014Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/fitch/417078_pr_framefitch/417078_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Daimler AGFiat SpAPSA Peugeot Citroen S.A.Renault SAVolkswagen AG80359578803602128046096880622192806384224/15/2008 10:14:00 AM0100000001030000010313000103130185Press Release13190DAIFUGVOW417078_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/spcred/638480spcred/638480normThe latest Summary from S&P3/25/2008 10:47:55 AMSummary175globalstructured638480GermanyAutomobile ManufacturersAsiaCanadaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceFinancial InstitutionsCorporationsAsset-Backed SecuritiesAutomotiveCapital GoodsSummaryThe ratings on Germany-based automaker Volkswagen AG (VW) are supported by the group's position as the leading European mass-market automotive manufacturer, its moderate financial leverage, and good liquidity. The ratings benefit from VW's globally recognized brand names and the comprehensive product mix offered through the group's multibrand passenger-car strategy, as well as the growing contribution of its financial services operation. VW continues to face significant external challenges, including intensive competition across the global automotive industry. Nevertheless, the group's deliveries to European customers rose by 4.7% in the first two months of 2008 compared with the previous year's first two months. In 2007, automotive operating profits grew to €5.2 billion (up 46.7% year on year). Automotive operating profit margins of 5.2%DEU92866225102010 251020 2510 25Volkswagen AG116998ASIACANEMERGINGEUROMIDAFRLATAMERICAUSAVOW@GRSUMMARYGLOBISSSTRUCFICORPABSAutomotiveCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/bir/373bir/373normVolkswagen AGGermanyManufacturing: Vehicles and engines of all types and accesories. Wholesale: Motor vehicles and motor vehicle parts.3711371450123361113363994231109IMVOW3/25/2008 6:18:00 AM373Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/fitch/412953_pr_framefitch/412953_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Daimler AGFiat SpAPSA Peugeot Citroen S.A.Renault SAThyssenKrupp AGVolkswagen AG8035957880360212803612568046096880622192806384223/19/2008 10:17:53 AM01000000010300000103130001031301010315000104000085Press Release13190DAIFTKAUGVOW412953_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/378324_report_framefitch/378324_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Volkswagen AG804609683/18/2008 10:16:00 AM01000000010300000103130001031301165Credit UpdateVOW378324_report_frameCredit & Investment ResearchFitch Research