On Nov. 6, 2017, we revised the outlook on Volkswagen AG (VW AG) to stable from negative and affirmed our 'BBB+' ratings. As a result, we are revising our outlook on Volkswagen Financial Services (VW FS) to stable and affirming the 'BBB+/A-2' ratings. This reflects our view that VW FS is a core subsidiary of VW AG and therefore its outlook and ratings mirror those on its parent. At the same time, we are affirming the 'A-/A-2' ratings on VW Bank GmbH, which became directly 100%-owned by VW AG on Sept. 1, 2017. The affirmation reflects our continued assessment of VW Bank as an insulated group subsidiary. The negative outlook on VW Bank reflects a one-in-three risk within the next
