Ratings

In 2008, rating agencies Moody’s Investors Service and Standard & Poor’s carried out their regular update of credit ratings for Volkswagen AG, Volkswagen Financial Services AG and Volkswagen Bank GmbH. Moody’s Investors Service lifted the long-term rating outlook for Volkswagen AG and Volkswagen Financial Services AG from “stable” to “positive”, thus recognizing the further improvement in the Volkswagen Group’s financial indicators and business outlook. Despite the emerging weakening of the market as a whole, Standard & Poor’s also recognized the positive performance of Volkswagen AG and Volkswagen Financial Services AG, and maintained its existing ratings unchanged. The credit rating awarded to Volkswagen Bank GmbH by Moody’s Investors Service and Standard & Poor’s is one notch higher than that of Volkswagen AG and Volkswagen Financial Services AG. We are using this to our advantage in the refinancing of our financial services activities. Moody’s Investors Service confirmed its rating of “stable” for Volkswagen Bank GmbH, while Standard & Poor’s cut its rating from “stable” to “negative”. The following table gives an overview of our current ratings and their development in past years.

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RATINGS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Volkswagen AG

 

Volkswagen
Financial Services AG

 

Volkswagen Bank GmbH

 

 

2008

 

2007

 

2006

 

2008

 

2007

 

2006

 

2008

 

2007

 

2006

Standard & Poor’s

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

short-term

 

A – 2

 

A – 2

 

A – 2

 

A – 2

 

A – 2

 

A – 2

 

A – 1

 

A – 1

 

A – 1

long-term

 

A –

 

A –

 

A –

 

A –

 

A –

 

A –

 

A

 

A

 

A

Outlook

 

stable

 

stable

 

stable

 

stable

 

stable

 

stable

 

negative

 

stable

 

stable

Moody’s
Investors Service

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

short-term

 

P – 2

 

P – 2

 

P – 2

 

P – 2

 

P – 2

 

P – 2

 

P – 1

 

P – 1

 

P – 1

long-term

 

A3

 

A3

 

A3

 

A3

 

A3

 

A3

 

A2

 

A2

 

A2

Outlook

 

positive

 

stable

 

stable

 

positive

 

stable

 

stable

 

stable

 

stable

 

stable

OUR INVESTOR RELATIONS TEAM IS AVAILABLE FOR QUERIES AND COMMENTS.

WOLFSBURG OFFICE (VOLKSWAGEN AG)
Phone + 49 53 61 9–8 66 22 IR-Hotline
Fax + 49 53 61 9–3 04 11
E-mail investor.relations@volkswagen.de
Internet www.volkswagenag.com/ir

LONDON OFFICE (VOLKSWAGEN AG)
Phone + 44 20 72 90 7820
Fax + 44 20 76 29 2405

INVESTOR RELATIONS LIAISON OFFICE
(VOLKSWAGEN GROUP OF AMERICA, INC.)
(Questions relating to American Depositary Receipts)
Phone + 1 703 364 7000
Fax + 1 703 364 7080

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