Ratings

In 2016, rating agencies Standard & Poor’s and Moody’s Investors Service undertook their regular update of their credit ratings for Volkswagen AG, Volkswagen Financial Services AG and Volkswagen Bank GmbH.

Standard & Poor’s confirmed its short-term and long-term ratings for Volkswagen AG and Volkswagen Financial Services AG at A–2 and BBB+, respectively. The short-term and long-term ratings of Volkswagen Bank GmbH were also confirmed at A–2 and A– respectively. The outlook for all three companies was left unchanged at negative.

In August 2016, Moody’s Investors Service downgraded its long-term rating for Volkswagen Financial Services AG by one notch, from A1 to A2. At the same time, the long-term rating of Volkswagen Bank GmbH was raised by one notch, from A1 to Aa3. This is due to a change in the perspective of the rating method introduced last year in the event of a wind-up of the two companies. The short-term rating was left unchanged for both companies at P–1. The short-term and long-term ratings for Volkswagen AG remain unchanged at P–2 and A3, respectively. The outlook for all three companies is still classified as negative.

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RATINGS
	VOLKSWAGEN AG			VOLKSWAGEN FINANCIAL SERVICES AG			VOLKSWAGEN BANK GMBH
	2016	2015	2014	2016	2015	2014	2016	2015	2014

Standard & Poor’s
Short-term	A−2	A−2	A−1	A−2	A−2	A−1	A−2	A−2	A−1
Long-term	BBB+	BBB+	A	BBB+	BBB+	A	A−	A−	A
Outlook	negative	negative	stable	negative	negative	stable	negative	negative	stable
Moody’s Investors Service
Short-term	P−2	P−2	P−2	P−1	P−1	P−2	P−1	P−1	P−2
Long-term	A3	A3	A3	A2	A1	A3	Aa3	A1	A3
Outlook	negative	negative	positive	negative	negative	positive	negative	negative	positive

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Ratings