Creditreform Rating has lowered the rating of Volkswagen Bank GmbH to A- from A. The outlook is stable. Creditreform Rating has also determined the ratings of the debt classes as follows. The rating of Additional Tier 1 was set to not rated (n.r.) from BBB+, the rating of Tier 2 to BBB+ from A- and the rating of the Senior Unsecured to A- from A.
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