Volkswagen Bank GmbH

The stable outlook indicates that we expect the bank to remain key to VW's value proposition. In addition, we expect VW Bank to smoothly integrate VW Leasing and maintain sound financial and funding profiles, supported by very strong capitalization, over the next two years. We view a downgrade of VW Bank as unlikely as long as VW maintains its credit strength. We would only consider downgrading VW Bank if its strategic relevance to the group had weakened so that we no longer considered it a core part of VWFS Europe, and we also revised down its stand-alone credit profile (SACP). Because we classify the bank as an insulated entity, we would not downgrade it solely because we had taken a

...Volkswagen Bank GmbH's (VW Bank's) integral role in and businesses support for VW's mobility strategy are reinforced by the latter's reorganization. VW completed the reorganization of its captive finance entities on July 1, 2024, streamlining new nonoperating holding company Volkswagen Financial Services AG (VWFS Europe) with its largest core subsidiary, VW Bank, for its European captive finance business. Renamed nonoperating holding company Volkswagen Financial Services Overseas AG (VWFS Overseas; before July 1, 2024, known as Volkswagen Financial Services AG) is conducting international non-European businesses. We consider VW Bank and its financial services affiliates integral to the group's strategy--the ability to provide financial services and generate income through related services helps to promote the sale of VW's products, supports VW dealers, and strengthens customer relationships (for more information, see "VW's Captive Finance Entities Affirmed At '###+/A-2' After Reorganization;...

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