...March 26, 2020 - On March 26, 2020, we revised the outlook on Volkswagen AG (VW AG) to negative from stable and affirmed our '###+' ratings. - At the same time, we are affirming the 'A-/A-2' ratings on VW Bank GmbH. VW Bank is directly and 100%-owned by VW AG. The affirmation reflects our ongoing assessment of VW Bank as having one-notch higher creditworthiness and being an insulated group subsidiary. - Our negative outlook on WV Bank mirrors the negative trends pertaining to economic and industry risk in our banking industry country risk assessment (BICRA) for Germany, as well as the negative outlook on VW AG and additional COVID-19-related pressures on VW Bank's risk exposures and risk-adjusted profitability. FRANKFURT (S&P Global Ratings) March 26, 2020--S&P Global Ratings said today it affirmed the long- and short-term issuer credit ratings on Volkswagen Bank GmbH (VW Bank) at 'A-/A-2'. The outlook remains negative. Our ratings affirmation follows our outlook revision to negative on...
