On Oct. 12, 2015, we lowered our ratings on Volkswagen AG (VW AG) to 'A-/A-2' from 'A/A-1'. We consider Volkswagen Financial Services (VW FS) to be a core subsidiary of VW AG and therefore equalize the ratings with those on VW AG. Consequently, we are lowering the ratings on VW FS to 'A-/A-2' from 'A/A-1'. The ratings on VW FS remain on CreditWatch with negative implications, reflecting the possibility that we may lower the long-term ratings on the parent and therefore those on VW FS by up to two notches. On Oct. 12, 2015, Standard&Poor's Ratings Services lowered its long- and short-term counterparty credit ratings on Germany-based Volkswagen Financial Services AG (VW FS) to 'A-/A-2' from 'A/A-1'. The
