16.03.2015 17:05:00

MAN SE -- Moody's upgrades Volkswagen's ratings; stable outlook

London, 16 March 2015 -- Moody's Investors Service has today upgraded to A2/(P)A2 from A3/(P)A3 the long-term senior unsecured ratings and to Prime-1/(P)Prime-1 from Prime-2/(P)Prime-2 the commercial paper and other short-term ratings assigned to Volkswagen Aktiengesellschaft (Volkswagen) and its guaranteed rated subsidiaries. Concurrently, Moody's has upgraded to Baa1 from Baa2 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 stable.

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