We assigned our ?zaAAA/zaA-1+? South Africa national scale ratings on Germany-based truck manufacturer TRATON SE. The long-term national scale rating reflects our ?BBB? long-term global scale rating on TRATON. Our rating on TRATON reflects its strong ties with its parent Volkswagen AG (VW). The ?zaAAA? long-term national scale rating reflects our ?BBB? long-term global scale issuer credit rating on TRATON (for more information see ? TRATON ,? published on Dec. 20, 2024 on RatingsDirect). We consider TRATON a highly strategic subsidiary of VW (BBB+/Stable/A-2), reflecting its strong ties with the parent and our expectation that VW?s stake in the company will not decrease below 75% for the foreseeable future. We think that VW regards TRATON as a strategic asset and
