...+ On Nov. 6, 2017, we revised the outlook on Volkswagen AG (VW AG) to stable from negative and affirmed our '###+' ratings. + As a result, we are revising our outlook on Volkswagen Financial Services (VW FS) to stable and affirming the '###+/A-2' ratings. This reflects our view that VW FS is a core subsidiary of VW AG and therefore its outlook and ratings mirror those on its parent. + At the same time, we are affirming the 'A-/A-2' ratings on VW Bank GmbH, which became directly 100%-owned by VW AG on Sept. 1, 2017. The affirmation reflects our continued assessment of VW Bank as an insulated group subsidiary. + The negative outlook on VW Bank reflects a one-in-three risk within the next two years that VW Bank's much-enlarged core businesses hosting VW's European banking activities could attract a higher-than-expected share of greater economic risks outside German markets. FRANKFURT (S&P Global Ratings) Nov. 6, 2017--S&P Global Ratings today revised its outlook on Germany-based Volkswagen...
