On Sept. 24, 2015, we placed our 'A' rating on Volkswagen AG (VW), Scania's parent, on CreditWatch negative following the U.S. Environmental Protection Agency's announcement that VW had violated U.S. environmental standards. Scania is a highly strategic entity within the VW group, in our view, implying that it cannot carry a higher rating than its owner. We are therefore placing our 'A-' long-term rating on Scania on CreditWatch negative. We aim to resolve the CreditWatch on Scania within 90 days, once the CreditWatch on VW has been resolved. On Sept. 25, 2015, Standard&Poor's Ratings Services placed its 'A-' long-term corporate credit rating on Sweden-based heavy truck manufacturer Scania AB (publ.) on CreditWatch with negative implications. We also placed
