...- S&P Global Ratings has completed our ratings review of Germany-based global truck manufacturer TRATON SE and its subsidiaries under our new criteria for issuers with captive finance operations (see "The Impact Of Captive Finance Operations On Nonfinancial Corporate Issuers," published Oct. 23, 2023). The review entails the effects of our new captive criteria on TRATON's stand-alone assessment. - Currently TRATON's financial services division has a meaningful exposure to residual value (RV) risk from its operating leasing business, representing more than 30% of its consolidated portfolio, but we anticipate this ratio will materially diminish in the next two years as MAN and Navistar will start offering financial services directly under TRATON's groupwide financial services. - We continue to consider TRATON a highly strategic subsidiary of Volkswagen AG (VW; ###+/Stable/A-2), which has a stake of close to 90%, owing to its continued strong operational and financial ties with its parent;...
