...Outlook: Negative S&P Global Ratings' outlook on Germany-based Volkswagen Bank GmbH (VW Bank) is negative, reflecting the possibility of a downgrade over the next two years, since increasing economic and industry risks for Germany's banking industry are putting additional pressure on VW Bank's risk exposures and risk-adjusted profitability. Moreover, VW Bank has yet not finalized its strategic reorganization within the Volkswagen AG (VW) group, under which it has much enlarged core businesses. VW Bank now manages VW's European banking activities, which could entail greater economic risks outside German markets. Nevertheless, we currently consider the rating on VW to be a floor for our rating on VW Bank, as long as the bank remains a core subsidiary....
