Ratings

In April 2021, rating agency Standard & Poor’s affirmed its short-term and long-term ratings for Volkswagen AG and Volkswagen Financial Services AG at A–2 and BBB+. The long-term rating of BBB for TRATON SE was also confirmed. The outlooks on Volkswagen AG, TRATON SE and Volkswagen Financial Services AG were revised from “negative” to “stable” on stronger-than-expected free cash flow generation in the automotive business. In June 2021, Standard & Poor’s completed a review of different institutions within Germany’s banking sector precipitated by pandemic-related structural changes in the banking industry. In this context, Volkswagen Bank GmbH’s long-term rating was lowered from A– to BBB+ with a stable outlook.

Moody’s Investors Service changed the outlook on the ratings of Volkswagen AG in March 2021 from “negative” to “stable”, reflecting the continued recovery in global vehicle sales and the expected improvement in Volkswagen’s credit metrics, and affirmed Volkswagen’s short-term P–2 rating and long-term A3 rating. In this context, Moody’s also left the short-term and long-term ratings for Volkswagen Financial Services AG unchanged at P–2 and A3 and those for Volkswagen Bank GmbH at P–1 and A1. The outlook for each company was revised from “negative” to “stable”. For TRATON SE, the long-term rating and the outlook were left unchanged at Baa1 and “negative” respectively.