...Support Drives Ratings: VDF Faktoring A.S.'s ratings are driven by support from controlling shareholder Volkswagen Financial Services Overseas AG (VWFSO; A-/Negative) and Volkswagen AG (VW; A-/Negative), underlined by its `bb-' Shareholder Support Rating (SSR). Fitch Ratings views VDF Faktoring as strategically important to VW, given its mandate to support VW's activity in Turkiye. Constrained by Country Ceiling: VDF Faktoring's Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) and SSR are constrained by Turkiye's `BB-' Country Ceiling, which caps the extent to which support from VWFSO or VW can be factored into the IDR. Joint Venture: VDF Faktoring is fully owned by VDF Servis ve Ticaret A.S. (VDF Servis), which is in turn owned by VW (via VWFSO; 51%) and Dogus Group (49%). Dogus is a large Turkish conglomerate with diverse operations and is the sole importer of VW vehicles in Turkiye. VW has operational control over the VDF entities, while Dogus has a major role in running...
