... Standard & Poor's Ratings Services' stable outlook on Volkswagen Bank GmbH mirrors that on its ultimate parent, Volkswagen AG (VW AG). In our view, captive finance operations will remain integral to the VW group's overall corporate strategy as we consider the bank will be central to supporting group car sales throughout the economic cycle. We currently do not expect any change in the strong commitment from and integration into the VW group over the next two years. We believe that VW Bank will sustain a satisfactory financial profile, supported by the fragile economic recovery in most of the markets in which the group operates. As a "core" entity to VW AG, any rating action on the parent would translate into a similar action on VW Bank. We could lower the ratings on VW Bank if we saw weaker commitment from VW AG to support its subsidiaries, which could lead us to reassess our view of VW Bank as a core entity of the VW group. This could...
