On Dec. 1, 2015, we lowered our rating on Volkswagen AG (VW), Scania AB's parent, to 'BBB+'. 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 downgrading Scania to 'BBB+', the same level as its parent. The outlook is negative, reflecting that on its parent. If we downgrade VW, we would take the same action on Scania. On Dec. 2, 2015, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on Sweden-based heavy truck manufacturer Scania AB (publ.) to 'BBB+' from 'A-'. The outlook is negative. Additionally, we affirmed our 'A-2' short-term corporate credit rating and 'K-1' Nordic rating on
