Standard&Poor's Ratings Services published its updated criteria for assessing how captive finance operations affect the creditworthiness of a nonfinancial corporate issuer on Dec. 14, 2015. We are affirming our 'A+/A-1' corporate credit ratings on BMW AG. The outlook remains stable. At the same time, we have removed from the ratings the under criteria observation (UCO) identifier we applied on Dec. 14, 2015. On Dec. 18, 2015, Standard&Poor's Ratings Services affirmed its 'A+/A-1' long- and short-term corporate credit ratings on Germany-based premium automotive manufacturer BMW AG, and affirmed all ratings on the group's debt. The outlook remains stable. At the same time, we have removed from the ratings the under criteria observation (UCO) identifier we applied on
