Ratings

In 2012, rating agencies Standard & Poor’s and Moody’s Investors Service performed their regular update of their credit ratings for Volkswagen AG, Volkswagen Financial Services AG and Volkswagen Bank GmbH. Standard & Poor’s confirmed its short-term and long-term ratings of A–2 and A– respectively for Volkswagen AG, Volkswagen Financial Services AG and Volkswagen Bank GmbH. The outlook for all three companies was raised to “positive” due to the solid business development.

Moody’s Investors Service confirmed its short-term and long-term ratings for Volkswagen AG, Volkswagen Financial Services AG and Volkswagen Bank GmbH at P–2 and A3 respectively and left the outlook for all three companies unchanged at “positive”.

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RATINGS
		Volkswagen AG						Volkswagen Financial Services AG						Volkswagen Bank GmbH
		2012		2011		2010		2012		2011		2010		2012		2011		2010
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		A–		A–		A–		A–		A–		A–		A–		A–		A–
Outlook		positive		stable		negative		positive		stable		negative		positive		stable		stable
Moody’s Investors Service
short-term		P–2		P–2		P–2		P–2		P–2		P–2		P–2		P–2		P–1
long-term		A3		A3		A3		A3		A3		A3		A3		A3		A2
Outlook		positive		positive		stable		positive		positive		stable		positive		positive		stable