...Support Drives Ratings: Volkswagen Dogus Finansman's (VDF Finans) ratings are driven by support from the controlling shareholder, Volkswagen Financial Services Overseas AG (VWFSO; A-/Negative), as expressed by the Shareholder Support Rating (SSR) of `bb-'. Fitch Ratings views VDF Finans as a strategically important subsidiary, given its mandate to complement and support Volkswagen's (VW) operations in Turkiye. Constrained by Country Ceiling: VDF Finans' Long-Term Issuer Default Rating (IDR) and SSR are capped by Turkiye's `BB-' Country Ceiling. The Country Ceiling captures transfer and convertibility risks and limits the extent to which support from VWFSO or VW can be factored into the Long-Term Foreign-Currency IDR. Joint Venture: VDF Finans is fully owned by VDF Servis ve Ticaret A.S., which is in turn owned by 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. VWFSO exercises operational...
