Volkswagen Finans Sverige AB Apr 11

Standard & Poors, April 2011

Abstract
Stable franchise as a captive finance company. High level of group integration with relatively strong parental support. Adequate capitalization. Limited business and earnings diversification. Concentration risks as business model highly dependent on relationship with large car dealers. Short-term wholesale funding profile. The rating on Volkswagen Finans Sverige AB (VWFS; formerly Svenska Volkswagen Finans AB) reflects our view of the company's entrenched business position as a captive finance company in Sweden for global automaker Volkswagen AG (A-/Negative/A-2) and its core status, resulting in a three-notch uplift above its stand-alone credit profile in relation to its parent, Volkswagen Financial Services AG (A-/Negative/A-2). The rating further reflects our view that VWFS has adequate capitalization. These positive factors are offset by the company's limited...

Companies mentioned in this report are:
- Volkswagen Finans Sverige AB
- Volkswagen AG
- Volkswagen Group Services S.A.
- Volkswagen Financial Services AG
- LeasePlan Corporation N.V.
- Volkswagen Bank GmbH
- Volkswagen Insurance Co. Ltd.
- Volkswagen Leasing, S.A. de C.V

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.

Research Type: Full Analysis

- Volkswagen Finans Sverige AB
- Volkswagen AG
- Volkswagen Group Services S.A.
- Volkswagen Financial Services AG
- LeasePlan Corporation N.V.
- Volkswagen Bank GmbH
- Volkswagen Insurance Co. Ltd.
- Volkswagen Leasing, S.A. de C.V

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