Ratings

In 2018, the rating agencies Standard & Poor’s and Moody’s Investors Service conducted the regular update of their credit ratings for Volkswagen AG, Volkswagen Financial Services AG and Volkswagen Bank GmbH.

In November and December 2018, Standard & Poor’s confirmed its short-term and long-term ratings of A–2 and BBB+ for Volkswagen AG and Volkswagen Financial Services AG, and of A–2 and A– for Volkswagen Bank GmbH. The outlook for Volkswagen AG and Volkswagen Financial Services AG was left at “stable” and that for Volkswagen Bank GmbH at “negative”.

Moody’s Investors Service left its short-term and long-term ratings for Volkswagen AG and Volkswagen Financial Services AG unchanged at P–2 and A3. In April 2018, the outlook was raised in each case from “negative” to “stable” based on better-than-expected operating performance. In August 2018, the long-term rating for Volkswagen Bank GmbH was raised by two notches from A3 to A1 on the back of changes to German banking law. The short-term rating was left at P–1. The outlook was also raised to “stable”.