Volkswagen Financial Services Ratings Lowered To 'A-/A-2'; Still On CreditWatch Negative

On Oct. 12, 2015, we lowered our ratings on Volkswagen AG (VW AG) to 'A-/A-2' from 'A/A-1'. We consider Volkswagen Financial Services (VW FS) to be a core subsidiary of VW AG and therefore equalize the ratings with those on VW AG. Consequently, we are lowering the ratings on VW FS to 'A-/A-2' from 'A/A-1'. The ratings on VW FS remain on CreditWatch with negative implications, reflecting the possibility that we may lower the long-term ratings on the parent and therefore those on VW FS by up to two notches. FRANKFURT (Standard&Poor's) Oct. 12, 2015--Standard&Poor's Ratings Services said today that it lowered its long- and short-term counterparty credit ratings on Germany-based Volkswagen Financial Services AG (VW

...+ On Oct. 12, 2015, we lowered our ratings on Volkswagen AG (VW AG) to 'A-/A-2' from 'A/A-1'. + We consider Volkswagen Financial Services (VW FS) to be a core subsidiary of VW AG and therefore equalize the ratings with those on VW AG. + Consequently, we are lowering the ratings on VW FS to 'A-/A-2' from 'A/A-1'. + The ratings on VW FS remain on CreditWatch with negative implications, reflecting the possibility that we may lower the long-term ratings on the parent and therefore those on VW FS by up to two notches. FRANKFURT (Standard & Poor's) Oct. 12, 2015--Standard & Poor's Ratings Services said today that it lowered its long- and short-term counterparty credit ratings on Germany-based Volkswagen Financial Services AG (VW FS) to 'A-/A-2' from 'A/A-1'. The ratings remain on CreditWatch with negative implications where they were placed on Sept. 24, 2015. The 'K-1' short-term Nordic national scale rating on VW FS' core subsidiary Volkswagen Finans Sverige AB was also placed on CreditWatch...

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