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Annual Report

Ratings

In 2010, 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 and Volkswagen Financial Services AG. The outlook for the two companies was also unchanged at “negative”. Although Volkswagen Bank GmbH’s short-term and long-term ratings were confirmed at A–2 and A– respectively, Standard & Poor’s upgraded its outlook from “negative” to “stable”. The main reasons for this were the company’s improved earnings forecasts for 2010 and 2011, its strong capitalization and the share of Volkswagen Bank GmbH’s refinancing mix accounted for by stable deposits.

Moody’s Investors Service confirmed its short-term and long-term ratings for Volkswagen AG and Volkswagen Financial Services AG at P–2 and A3 respectively; the outlook for both companies remained at “stable”. The short-term and long-term ratings for Volkswagen Bank GmbH, which are currently one notch higher than those for Volkswagen AG and Volkswagen Financial Services AG at P–1 and A2, were also confirmed. Moody’s rated Volkswagen Bank GmbH’s outlook as “stable” and therefore ended its review with regard to a possible downgrade.

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RATINGS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Volkswagen AG

 

Volkswagen
Financial Services AG

 

Volkswagen Bank GmbH

 

 

2010

 

2009

 

2008

 

2010

 

2009

 

2008

 

2010

 

2009

 

2008

*

Review for Downgrade

Standard & Poor’s

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

short-term

 

A–2

 

A–2

 

A–2

 

A–2

 

A–2

 

A–2

 

A–2

 

A–2

 

A–1

long-term

 

A–

 

A–

 

A–

 

A–

 

A–

 

A–

 

A–

 

A–

 

A

Outlook

 

negative

 

negative

 

stable

 

negative

 

negative

 

stable

 

stable

 

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

 

A2

 

A2

 

A2

Outlook

 

stable

 

stable

 

positive

 

stable

 

stable

 

positive

 

stable

 

RfD*

 

stable

OUR INVESTOR RELATIONS TEAM IS AVAILABLE FOR QUERIES AND COMMENTS.

WOLFSBURG OFFICE (VOLKSWAGEN AG)
Phone +49 5361 9-86622 IR Hotline
Fax +49 5361 9-30411
E-mail investor.relations@volkswagen.de
Internet www.volkswagenag.com/ir

LONDON OFFICE (VOLKSWAGEN AG)
Phone +44 20 7290 7820
Fax +44 20 7629 2405

INVESTOR RELATIONS LIAISON OFFICE
(VOLKSWAGEN GROUP OF AMERICA, INC.)
(Questions relating to American Depositary Receipts)
Phone +1 703 364 7000
Fax +1 703 364 7080

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