Ratings

In March 2020, rating agency 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. Due to risks associated with the duration of the Covid-19 pandemic and their effects on the global automotive industry, the outlook for Volkswagen AG and Volkswagen Financial Services AG was downgraded from “stable” to “negative”. The outlook for Volkswagen Bank GmbH was left at “negative”.

In March, Moody’s Investors Service had announced that the ratings would be reviewed due to possible effects of the Covid-19 pandemic, but in June subsequently left the short-term and long-term ratings for Volkswagen AG and 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 downgraded from “stable” to “negative”.

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RATINGS
	VOLKSWAGEN AG			VOLKSWAGEN FINANCIAL SERVICES AG			VOLKSWAGEN BANK GMBH
	2020	2019	2018	2020	2019	2018	2020	2019	2018

Standard & Poor’s
short-term	A −2	A −2	A −2	A −2	A −2	A −2	A −2	A −2	A −2
long-term	BBB+	BBB+	BBB+	BBB+	BBB+	BBB+	A –	A –	A –
outlook	negative	stable	stable	negative	stable	stable	negative	negative	negative
Moody’s Investors Service
short-term	P −2	P −2	P −2	P −2	P −2	P −2	P −1	P −1	P −1
long-term	A3	A3	A3	A3	A3	A3	A1	A1	A1
outlook	negative	stable	stable	negative	stable	stable	negative	stable	stable

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Ratings