On April 28, 2021, we revised our outlook on Volkswagen AG (VW) to stable from negative and affirmed our 'BBB+' ratings. VW's captive subsidiary, VW Bank GmbH, reported resilient earnings for 2020, but its rating, currently one notch above that of VW AG, reflects idiosyncratic factors that remain under pressure in the current environment. We therefore affirmed the 'A-/A-2' ratings on VW Bank GmbH, with a negative outlook. The negative outlook continues to reflect ongoing pressure on economic and industry risk in the German banking sector, which in our view will continue to pressure VW Bank's risk-adjusted profitability. On April 28, 2021, S&P Global Ratings affirmed its 'A-/A-2' long- and short-term issuer credit ratings on Volkswagen Bank GmbH. The outlook
