Ratings

In October and November of 2022, rating agency Standard & Poor’s confirmed its short-term and long-term ratings for Volkswagen AG, Volkswagen Financial Services AG and Volkswagen Bank GmbH at A–2 and BBB+, respectively. In July 2022, the long-term rating of BBB for TRATON SE was also confirmed. The outlook for all companies remains unchanged at “stable”.

In June and December 2022, Moody’s Investors Service confirmed the short-term and long-term ratings for Volkswagen AG and Volkswagen Financial Services AG at P–2 and A3, respectively, and those for Volkswagen Bank GmbH at P–1 and A1. The outlook was left unchanged at “stable”. For TRATON SE, the long-term rating was lowered one notch from Baa1 to Baa2. The reason given was the higher level of debt in connection with the acquisition of Navistar, the squeeze-out at MAN SE and the provisions in the EU anti-trust proceedings. The outlook was raised to “stable”.