Ratings

In December 2025, rating agency Standard & Poor’s confirmed its short-term and long-term ratings for Volkswagen AG of A–2 and BBB+ respectively. However, the outlook was revised down from “stable” to “negative”. In March 2025, Moody’s Investors Service downgraded the long-term rating by one notch, from A3 to Baa1. The short-term rating remained unchanged at P–2. Both ratings were given a “stable” outlook. In April 2025, Fitch Ratings affirmed its short- and long-term credit ratings of Volkswagen AG at F1 and A– respectively, but revised Volkswagen’s outlook from “stable” to “negative”.

In December 2025, Standard & Poor’s confirmed the ratings of Volkswagen Financial Services AG (VW FS AG), Volkswagen Bank GmbH (VW Bank) and Volkswagen Financial Services Overseas AG (VW FS Overseas AG) with a long-term rating of BBB+ and a short-term rating of A–2. Following the change for Volkswagen AG, the outlook was revised down from “stable” to “negative” for each, with the exception of VW Bank, which maintained its “stable” outlook. Moody’s Investors Service cut its long-term rating for VW FS AG and VW FS Overseas AG in March 2025 after downgrading Volkswagen AG to Baa1, affirmed the short-term rating at P–2 and returned the outlook to “stable”. By contrast, a long-term rating of A1 and a short-term rating of P–1 were confirmed for VW Bank. The outlook remained unchanged at “negative”. In September 2025, Fitch Ratings affirmed the ratings for VW FS AG and VW FS Overseas AG, each with a long-term rating of A– and a short-term rating of F1. The rating for VW Bank was left at long-term senior preferred A and a short-term F1. In April 2025, the outlook was changed from “stable” to “negative” in each case following the revision for Volkswagen AG.

Standard & Poor’s affirmed the short- and long-term ratings for TRATON SE at A–2 and BBB respectively in December 2025. Following the change for Volkswagen AG, the outlook was revised down to “negative” in December 2025. Moody’s Investors Service maintained the long-term rating of Baa2 in October 2025, but revised the “positive” outlook to “stable”. It also affirmed the short-term rating of P–2.