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class="breadcrumbs--breadcrumb" href="/en/fixed-income-and-ratings-16034">Fixed Income & Ratings</a></div></div> </div> <h1 class='hero--title'> Ratings </h1> </div> <div class="content"><div class="page-row-spacer "></div> <div class="page-row is-nth-1 -outer"><div class="container-narrow"><div class="row for-column-items"><div class="page-item page-item--column -root-level page-item--first-item-in-row column-width-100 col-sm-12" id="item-2e3ec395-b269-4539-90f4-c93304f452ba"><div class="page-row-spacer "></div> <div class="page-row is-nth-1"><div class="page-item page-item--intro" id="item-0375095e-61d7-4fb1-820d-71c931f5aefb"><div class='intro-text'> <div class='intro-text--text'> <p>Credit ratings conducted on a regular basis by Fitch, Moody's, Standard & Poor's Ratings Services, DBRS and provide our investors with additional transparency.</p> </div> </div> </div></div><div class="page-row-spacer "></div> </div></div></div></div><div class="page-row-spacer "></div> <div class="page-row is-nth-2 -outer"><div class="container-narrow"><div class="row for-column-items"><div class="page-item page-item--column -root-level page-item--first-item-in-row column-width-100 col-sm-12" id="item-7f9b8c12-8e6f-49be-baae-0764b14aad00"><div class="page-row-spacer "></div> <div class="page-row is-nth-1"><div class="page-item page-item--text" id="item-56cb72f5-bf30-4b09-aad1-1ea4ec4903d5"><div class='text-block style-links-for-body-text' style='column-count: 1'> <div class="table-responsive" detect-scrollbar><table><tbody><tr><td><strong>Fitch</strong></td><td><strong>Short-Term</strong></td><td><strong>Long-Term</strong></td><td><strong>Outlook</strong></td></tr><tr><td>Volkswagen AG</td><td>F-1</td><td>A-</td><td>Stable</td></tr></tbody></table></div> </div> </div></div><div class="page-row-spacer -text"></div> <div class="page-row is-nth-2"><div class="page-item page-item--text" id="item-8b24643e-3721-4760-9aab-30b0108900a8"><div class='text-block style-links-for-body-text' style='column-count: 1'> <div class="table-responsive" detect-scrollbar><table><tbody><tr><td><strong>Moody's</strong></td><td><strong>Short-Term</strong></td><td><strong>Long-Term</strong></td><td><strong>Outlook</strong></td></tr><tr><td>Volkswagen AG</td><td>P-2</td><td>A3<br></td><td>Negativ</td></tr></tbody></table></div> </div> </div></div><div class="page-row-spacer -text"></div> <div class="page-row is-nth-3"><div class="page-item page-item--text" id="item-6ea81be9-3021-480c-be5a-11b93966b8e7"><div class='text-block style-links-for-body-text' style='column-count: 1'> <div class="table-responsive" detect-scrollbar><table><tbody><tr><td><strong>Standard & Poor's</strong></td><td><strong>Short-Term</strong></td><td><strong>Long-Term</strong></td><td><strong>Outlook</strong></td></tr><tr><td>Volkswagen AG</td><td>A-2</td><td>BBB+</td><td>Stable</td></tr></tbody></table></div> </div> </div></div><div class="page-row-spacer -text"></div> <div class="page-row is-nth-4"><div class="page-item page-item--text" id="item-8bbe686d-46a3-44e5-9b36-ba943403be4e"><div class='text-block style-links-for-body-text' style='column-count: 1'> <div class="table-responsive" detect-scrollbar><table><tbody><tr><td><strong>DBRS Morningstar</strong></td><td><strong>Short-Term</strong></td><td><strong>Long-Term</strong></td><td><strong>Outlook</strong></td></tr><tr><td>Volkswagen AG</td><td>R-1 (low)*</td><td>A (low)</td><td>Stable</td></tr></tbody></table></div> </div> </div></div><div class="page-row-spacer -text"></div> <div class="page-row is-nth-5"><div class="page-item page-item--text" id="item-f4d0083c-35de-4c75-ada6-470394db75f6"><div class='text-block style-links-for-body-text' style='column-count: 1'> <p>*Short-Term Rating of DRBS Morninstar only applicable for Volkswagen Credit Canada, Inc. / Crédit VW Canada, Inc.</p> </div> </div></div><div class="page-row-spacer -text"></div> <div class="page-row is-nth-6"><div class="page-item page-item--text" id="item-9799fa64-6f2b-4430-b1c8-1c1b70217284"><div class='text-block style-links-for-body-text' style='column-count: 1'> <p>Financial Services AG and Volkswagen Bank GmbH have an individual rating.</p><p>More information about the ratings of Volkswagen Financial Services AG can be found at the following link:</p><p><a href="https://www.vwfs.com/en/investor-relations.html" target="_blank">Investor Relations of Volkswagen Financial Services AG</a></p> </div> </div></div><div class="page-row-spacer "></div> </div></div></div></div><div class="page-row-spacer "></div> <div class="page-row is-nth-3 -outer"><div class="page-item page-item--section -root-level" id="item-a06ac550-1673-4d0b-8e1d-ea57386c2f0b"><div class='full-width-section -corporate-blue'> <div class="page-row-spacer "></div> <div class="page-row is-nth-1 -outer"><div class="container-narrow"><div class="row for-column-items"><div class="page-item page-item--column page-item--first-item-in-row 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