London, 04 November 2015 -- Moody's Investors Service has today downgraded to A3/(P)A3 from A2/(P)A2 the long-term senior unsecured ratings and to Prime-2/(P)Prime-2 from Prime-1/(P)Prime-1 the commercial paper and other short-term ratings assigned to Volkswagen Aktiengesellschaft (Volkswagen or 'the company') and its guaranteed rated subsidiaries. Concurrently, Moody's has downgraded to Baa2 from Baa1 the junior subordinate rating assigned to the undated euro-denominated subordinated notes issued by Volkswagen International Finance N.V. and guaranteed by Volkswagen. The outlook on all ratings is negative.

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