Long-Term Local Currency Senior Unsecured Issues

Volkswagen International Finance N.V.

Rating	Watch	Outlook	Decision Date	Action Validity Date	Maximum Validity
BBB+			07.12.2018	14.12.2018

14.12.2018

Based on the unsolicited corporate issuer rating of Volkswagen International Finance N.V. (BBB+ / stable) Creditreform Rating has conducted unsolicited corporate issue ratings (ISIN) issued by Volkswagen International Finance N.V. The rating objects in question are exclusively long term senior unsecured issues denominated in Euro, which have been issued by Volkswagen International Finance N.V. and included in the list of ECB-eligible marketable assets. The ECB list of eligible marketable assets can be found on the ECBs website. All the following issues (ISIN) are rated with BBB+.