Summary: Volkswagen Financial Services AG Oct 10

Standard & Poors, October 2010

Abstract
The ratings on Germany-based Volkswagen Financial Services AG (VW FS) reflect Standard & Poor's Ratings Services' view of VW FS as a core subsidiary of German carmaker Volkswagen AG (VW; A-/Negative/A-2) and VW FS' intrinsic financial characteristics. In accordance with our methodology, the ratings on VW FS are equalized with those on its parent, reflecting VW FS' captive role, some funding reliance on the parent, strong operational integration, and key role in VW's global corporate strategy. With ?64 billion in assets on June 30, 2010, VW FS is the holding company for several of the VW group's European, Asia-Pacific, North American, and Brazilian finance and leasing subsidiaries. VW FS is, in our view, Europe's largest automotive financial services provider. VW...

Companies mentioned in this report are:
- Volkswagen Financial Services AG
- Volkswagen AG

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Volkswagen Financial Services AG
- Volkswagen AG

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