...Strengths: Weaknesses: + Core subsidiary of car manufacturer Volkswagen AG + Broad geographic diversification + Sound financial risk profile with stable earnings + Business concentration on car financing + Dependence on Volkswagen's franchise and funding support + Wholesale funding profile Outlook S&P Global Ratings' stable outlook on Germany-based captive finance company Volkswagen Financial Services AG (VW FS) mirrors that on its parent, carmaker Volkswagen AG (VW; ###+/Stable/A-2). An outlook revision on VW in the next 12-24 months would result in a similar action on VW FS. We could also lower our ratings on VW FS if we saw a weaker commitment from VW to support its subsidiaries, which could lead us to reassess our view of VW FS as a core entity of the VW group. We consider this scenario very unlikely, but it could happen if VW relinquished its majority ownership of VW FS or if the captive finance operations ceased to be pivotal to the VW group's worldwide strategy....
