Germany-based Volkswagen Financial Services AG (VW FS)'s exposure to higher-risk countries has led us to revise its anchor to 'bbb+' from 'a-'. The change in anchor, with all other rating factors remaining unchanged, has led us to revise VW FS' stand-alone credit profile (SACP) to 'bbb-' from 'bbb'. We consider VW FS to be core to its ultimate parent Volkswagen AG (VW AG) and equalize its ratings with those of the parent company leading to three notches of support into our long-term rating on VW FS to reflect the company's core status. We are affirming the 'A-/A-2' ratings on VW FS and its 100% subsidiary VW Bank GmbH and the 'K-1' national scale rating on VW FS' core Swedish subsidiary
