On Aug. 27, 2012, we revised our outlook on German auto manufacturer Volkswagen AG (VW) to positive from stable. In our view, VW's Swedish subsidiary, Scania (publ.) AB has a satisfactory business risk profile and modest financial risk profile. We are revising our outlook on Scania to positive from stable and affirming the 'A-/A-2' and 'zaAA+/zaA-1' ratings. The positive outlook on Scania reflects that on VW, in line with our parent-subsidiary criteria. On Sept. 10, 2012, Standard&Poor's Ratings Services revised its outlook on Sweden-based truck and bus manufacturer Scania (publ.) AB to positive from stable. At the same time, the 'A-' long-term and 'A-2' short-term corporate credit ratings, and the 'zaAA+' long-term and 'zaA-1' short-term South Africa national
