...Strengths: Weaknesses: + Expected support from the parent, Volkswagen AG, under all foreseeable circumstances, if needed. + Broad geographic diversification across the globe. + A sound financial risk profile with stable earnings. + Business concentration on car financing and related services. + Dependence on Volkswagen's franchise and credit profile. + A confidence-sensitive wholesale funding profile. Outlook S&P Global Ratings' negative outlook on Germany-based captive finance company Volkswagen Financial Services AG (VW FS) mirrors that on VW FS' parent, carmaker Volkswagen AG (VW; ###+/Negative/A-2). Any potential rating action on VW in the next 12-24 months would result in a similar action on VW FS. While remote, we could also lower our ratings on VW FS if we saw a weakening 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...
