Summary: Volkswagen Financial Services AG Nov 11

Standard & Poors, November 2011

Abstract
The ratings on Germany-based captive finance company Volkswagen Financial Services AG (VW FS) reflect Standard & Poor's Ratings Services' view of its status as core subsidiary of German carmaker Volkswagen AG (VW, A-/Stable/A-2). In accordance with our methodology, we equalize the ratings on VW FS with those on VW, reflecting VW FS' captive finance role, reliance on its parent for funding, and its strong operational integration and key role in VW's corporate strategy worldwide. With ?70 billion in total reported assets on June 30, 2011, VW FS is the holding company for several of VW group's European, Asia-Pacific, North American, and Brazilian finance and leasing subsidiaries. It is Europe's largest automotive financial service provider. Its wholly owned subsidiary Volkswagen Bank...

Companies mentioned in this report are:
- Volkswagen Financial Services AG
- LeasePlan Corporation N.V.
- Volkswagen Bank GmbH

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
- LeasePlan Corporation N.V.
- Volkswagen Bank GmbH

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