...+ On Dec. 1, 2015, we lowered our ratings on Volkswagen AG (VW AG) to '###+' from 'A-'. + We consider Volkswagen Financial Services (VW FS) a core subsidiary of VW AG and therefore equalize the ratings with those on VW AG. + Consequently, we are lowering the rating on VW FS to '###+' from 'A-'. + At the same, time we are affirming the 'A-/A-2' ratings on VW Bank GmbH, which we now consider an insulated subsidiary of VW AG. + The negative outlook on VW FS mirrors that on VW AG and indicates that we may lower the long-term ratings on VW FS by one notch within the next 12-24 months if we take a similar action on the parent. + The negative outlook on VW Bank reflects potential risks to the bank's financial and funding profile resulting from adverse developments at the parent company VW AG. FRANKFURT (Standard & Poor's) Dec. 1, 2015--Standard & Poor's Ratings Services said today that it has lowered its long-term counterparty credit ratings on Germany-based Volkswagen Financial Services AG (VW...
