Ratings

In 2014, rating agencies Standard & Poor’s and Moody’s Investors Service undertook their regular update of their credit ratings for Volkswagen AG, Volkswagen Financial Services AG and Volkswagen Bank GmbH. Standard & Poor’s raised its short-term and long-term ratings for all three companies by one notch each to A–1 and A.

The upgrade reflects the ongoing improvement forecast in debt metrics, buoyed by higher profitability and rising cash flows in the Automotive Division. The outlook for Volkswagen AG, Volkswagen Financial Services AG and Volkswagen Bank GmbH is “stable”.

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 also left the outlook for all three companies unchanged at “positive”.

In 2014, oekom research AG, which issues ratings for companies in the sustainable investment segment, again rated Volkswagen at B – on a twelve-point scale ranging from A + to D –. Volkswagen thus enjoys “prime status” as one of the leading companies in the automotive industry. In the mechanical engineering sector, the MAN brand was awarded a B – rating and prime status for its superior performance in the area of corporate social responsibility. oekom research rates a company’s social and environmental performance in connection with the corporate ratings performed on the basis of over 100 criteria selected for specific industries.