London, 24 September 2015 -- Moody's Investors Service has today changed the outlook on the ratings of Volkswagen Aktiengesellschaft (Volkswagen) and its guaranteed rated subsidiaries to negative from stable. Concurrently Moody's has affirmed the A2/(P)A2 long-term senior unsecured ratings and Prime-1/(P)Prime-1 commercial paper and other short-term ratings assigned to the company and its guaranteed rated subsidiaries. Moody's has also affirmed the Baa1 junior subordinate rating assigned to the undated euro-denominated subordinated notes issued by Volkswagen International Finance N.V. and guaranteed by Volkswagen.
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