Germany-based Volkswagen Bank (VW Bank) on Jan. 22, 2013, divested its 50% participation in LeasePlan to Volkswagen AG (VW AG). Substantial relief in risk-weighted assets resulting from the divestment will improve our risk-adjusted capital (RAC) ratios, and the resulting change in the capital and earnings position, with all other rating factors remaining unchanged, has led us to revise VW Bank's stand-alone credit profile to 'a-' from 'bbb+' and VW FS' to 'bbb' from 'bbb-'. We consider VW Bank and its parent VW FS to be core to VW AG and equalize the ratings with those on VW AG. We are affirming the 'A-/A-2' ratings on VW FS and its 100% subsidiary VW Bank. The positive outlook reflects the outlook on
