Tear Sheet: TRATON SE

This report does not constitute a rating action. We consider TRATON a highly strategic subsidiary of VWAG ( BBB+/Negative/A-2). Our negative outlook on TRATON therefore mirrors that on its ultimate parent, VW AG. As long as we view TRATON as highly strategic to the VW group, we will rate it one notch below VW. TRATON?s highly strategic status reflects its strong ties with the parent and our expectation that VW?s stake in the company will not fall below 75% in the foreseeable future (VW currently owns 87.5% of its share capital). In 2025, TRATON contributed about 13.7% of VW?s consolidated revenue. Moreover, TRATON has access to VW?s purchasing platforms. The parent provided TRATON with an acquisition facility to support the

...Rating Component Scores Foreign currency issuer credit rating ###/Negative/A-2 Local currency issuer credit rating ###/Negative/A-2 Business risk Satisfactory Country risk Low Industry risk Moderately High Competitive position Satisfactory Financial risk Significant Cash flow/leverage Significant Anchor ##+ Modifiers Diversification/portfolio effect Neutral (no impact) Capital structure Neutral (no impact) Financial policy Neutral (no impact) Liquidity Adequate (no impact) Management and governance Moderately Negative (no impact) Comparable rating analysis Neutral (no impact) Stand-alone credit profile ##+...

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