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”.

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