Top rating: Volkswagen Financial Services AG receives first corporate rating from Fitch
Fitch rates VW FS AG at A- with stable outlook
VW FS AG now rated by all three major agencies
Braunschweig, 2 February 2024. Volkswagen Financial Services AG has been rated for the first time by the rating agency Fitch and received the positive assessment of A- for its Long Term Issuer Default Rating, with a stable outlook. This is the second rating for Volkswagen Financial Services AG in the high-quality A range. Following Moody's and S&P, the Fitch rating is now the third rating assigned to VW FS AG from a leading agency. The assessment of VW FS AG by Fitch reflects and is guided by its analysis for Volkswagen AG, which also recently received its first official Fitch rating of A-.
"We are very pleased with the positive assessment from Fitch and the stable outlook. This confirms our solid business model and our corporate strategy as an important basis for future business success within the Group. The new rating strengthens the confidence of our investors in our high credit standing and enhances our competitiveness for future refinancing activities," said Frank Fiedler, CFO of Volkswagen Financial Services AG.
Information for editors
Volkswagen Financial Services are a business division of the Volkswagen AG group of com-panies and comprise Volkswagen Financial Services AG along with its associated companies, Volkswagen Bank GmbH, Porsche Financial Services, and the financial services companies in the USA and Canada that belong directly or indirectly to Volkswagen AG – with the exception of TRATON Financial Services and of Porsche Holding Salzburg. The key business fields embrace dealer and customer financing, leasing, bank and insurance activities, fleet management and mobility services. Volkswagen Financial Services have a total of 17,713 employees worldwide – including 7,692 alone in Germany. Volkswagen Financial Services report total assets of around EUR 240 billion, an operating profit of EUR 5.60 billion, and a portfolio of around 22.0 million current contracts (as at: 31.12.2022).