Ratings

In February 2024, rating agency Standard & Poor’s confirmed its short-term and long-term ratings for Volkswagen AG of A–2 and BBB+ respectively. The outlook was left unchanged at “stable”. Moody’s Investors Service maintained the short-term and long-term ratings of P–2 and A3, respectively, in July 2024, and revised the outlook from “stable” to “negative” in October 2024. A third agency, Fitch Ratings, was appointed at the beginning of the reporting year to assess the creditworthiness of Volkswagen AG, including its issuing companies and the financial instruments issued. It provided a long-term rating of A– and a short-term rating of F1, both with a “stable” outlook. This was affirmed in August 2024.

The reorientation of the subgroups of the former Volkswagen Financial Services AG and Volkswagen Bank GmbH (VW Bank) resulted in the establishment of the new European financial holding company, Volkswagen Financial Services AG (VW FS AG), to manage the European financial services companies. VW Bank became part of this holding company. Moreover, the former Volkswagen Financial Services AG was renamed Volkswagen Financial Services Overseas AG (VW FS Overseas AG), and tasked with management of the non-European financial services subsidiaries. The restructuring meant that a rating was provided for the newly formed companies for the first time. Standard & Poor’s assigned the newly established VW FS AG, VW Bank, and VW FS Overseas AG as the legal successor of the former Volkswagen Financial Services AG, a long-term rating of BBB+ and a short-term rating of A–2, with a “stable” outlook in July 2024. Moody’s Investors Service assigned VW FS AG and VW FS Overseas AG a long-term rating of A3 and a short-term rating of P–2 in July 2024. VW Bank was assigned a long-term rating of A1 and a short-term rating of P–1. The outlook for each was revised from “stable” to “negative” in October in 2024. Fitch Ratings assigned a short-term rating of F1 and a long-term rating of A– to VW FS AG, VW Bank and VW FS Overseas AG in July 2024. The outlook for each was “stable”.

Standard & Poor’s affirmed the short- and long-term ratings for TRATON SE at A–2 and BBB respectively with a “stable” outlook in October 2024. Moody’s Investors Service maintained the long-term rating of Baa2 in March 2024 and revised the outlook from “stable” to “positive”. It also assigned a short-term rating of P–2.