We set the rating of Volkswagen Bank GmbH and the related capital instruments to n.r., because the bank is no longer relevant for internal rating processes.
Creditreform Rating AG has revised its rating methodology for the rating of "Bank Capital and Unsecured Debt Instruments". Henceforth, only the revised version of the rating methodology ("Version 2.0") will be applied. Moreover, all current ratings of bank capital and unsecured bank instruments will be reviewed as part of our current monitoring and receive therefore the rating supplement "watch". Our revised rating methodology can be found at www.creditreform-rating.de.
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.
Creditreform Rating has determined the rating of the unsecured debt classes of Volkswagen Bank GmbH as follows. The rating of the Additional Tier 1 was set to BBB+, the rating of Tier 2 to A- and the rating of the Senior Unsecured to A. The rating of Volkswagen Bank GmbH was set to A on 24.08.2017.