Volkswagen AG: Rating Report

On October 25, 2019, DBRS Limited (DBRS Morningstar) upgraded the Issuer Rating of Volkswagen AG (VW or the Company) to A (low) from BBB (high). Concurrently, DBRS Morningstar upgraded VW Credit Canada, Inc.’s Senior Unsecured Debt rating and its Commercial Paper rating to A (low) and R-1 (low), respectively, from BBB (high) and R-2 (high), respectively. DBRS Morningstar also changed the trend on all ratings to Stable from Positive.