The ratings on Volkswagen Bank GmbH (VW Bank) are based on its strategic importance for and close integration into the operations of its ultimate owner, Volkswagen AG (VW; A+/Stable/A-1). The ratings also reflect VW Bank's sound asset quality, profitability, and capitalization, and its limited business diversification, as well as the close organizational and business ties between Volkswagen's several finance and leasing subsidiaries, which are combined under the roof of VW Bank's 100% owner, Volkswagen Financial Services AG (VWFS). VW Bank is the largest and a wholly owned subsidiary of VWFS, which acts as the holding company of several European and Asian finance and leasing subsidiaries of the VW group, in which six domestic entities including VW Bank and VWFS are
