Research Update: Swedish Truck Maker Scania AB (publ.) 'BBB/A-2' Rating Affirmed; Outlook Stable

On April 1, 2023, Scania AB (publ.) sold its financial services activities to parent TRATON as part of TRATON's strategy to start creating a group-wide financial services organization at the parent level. As a result, we anticipate that Scania's funding needs will be provided by the group going forward and therefore withdrew our 'bbb+' standalone credit profile (SACP) on Scania. Scania is a key operating company for TRATON and heads many of the group's research and development (R&D) areas, which alongside the parent's 100% ownership and Scania's pivotal role for TRATON's strategies and growth ambitions, leads us to continue to view Scania as a core subsidiary of TRATON. We therefore affirmed our 'BBB/A-2' long- and short-term issuer credit ratings on

...- On April 1, 2023, Scania AB (publ.) sold its financial services activities to parent TRATON as part of TRATON's strategy to start creating a group-wide financial services organization at the parent level. - As a result, we anticipate that Scania's funding needs will be provided by the group going forward and therefore withdrew our '###+' standalone credit profile (SACP) on Scania. - Scania is a key operating company for TRATON and heads many of the group's research and development (R&D) areas, which alongside the parent's 100% ownership and Scania's pivotal role for TRATON's strategies and growth ambitions, leads us to continue to view Scania as a core subsidiary of TRATON. - We therefore affirmed our '###/A-2' long- and short-term issuer credit ratings on Scania, which are fully equalized with those on TRATON. - The stable outlook on Scania mirrors that on TRATON....

Research Update