We assigned our 'A-2' short-term issuer credit rating to German truck manufacturer TRATON SE (TRATON), reflecting our 'BBB' long-term issuer credit rating. Our 'BBB' long-term issuer credit rating and stable outlook on TRATON remain unchanged. TRATON was founded in 2015 as the commercial vehicle arm of Volkswagen. It sells trucks and buses under the Scania, MAN, Navistar, and VWTB brands. The company has a presence in 16 countries and is mainly active in Germany, the U.S., and Brazil. Under its industrial business, TRATON recorded S&P Global Ratings-adjusted revenue of €39.0 billion in 2022, up from €29.7 billion in 2021, and adjusted EBITDA margin of 6.9%, compared with 6.3% in 2021. TRATON is controlled by Volkswagen, which owns about 90% of
