Because of our parent-subsidiary criteria, we give a one-notch uplift to Swedish truck manufacturer Scania's stand-alone credit profile, based on Volkswagen AG's 71% voting rights ownership. We now view Scania's stand-alone credit profile at 'BBB+', one notch lower than the long-term rating, because of high earnings volatility in the industry and Scania's weakened profitability. We are affirming our 'A-' long-term and 'A-2' short-term ratings on Scania. The outlook is negative because the ratings and outlook on Scania are capped at the level of those on Volkswagen. FRANKFURT (Standard&Poor's) March 30, 2010--Standard&Poor's Ratings Services said today that it had affirmed its 'A-' long-term and 'A-2' short-term corporate credit ratings on Sweden-based truck and bus manufacturer Scania (publ.)
