On Oct. 12, 2015, we lowered our ratings on Volkswagen AG (VW AG) to 'A-/A-2' from 'A/A-1'. We consider VW Bank core to VW AG's strategy but our ratings on VW Bank do not receive any uplift from those on the parent, according to our criteria. We are lowering the ratings on VW Bank to 'A-/A-2' from 'A/A-1' and removing them from CreditWatch negative. The negative outlook reflects potential risks to VW Bank's financial profile resulting from adverse developments at the parent company VW AG. On Oct. 12, 2015, Standard&Poor's Ratings Services lowered its long- and short-term ratings on Germany-based Volkswagen Bank GmbH to 'A-/A-2' from 'A/A-1'. The outlook is negative. We removed the ratings from CreditWatch negative,
