On September 3, the UK’s Financial Times reported that a prominent German asset management firm cautioned that Volkswagen’s credit rating could plummet to ‘junk status’ unless it implements significant cost-cutting measures. This warning from the firm comes at a time when Volkswagen is embroiled in intense internal conflicts, with a pivotal board meeting scheduled for Friday. Currently, Volkswagen’s management board and supervisory board are at an impasse over a sweeping restructuring plan put forward by CEO Oliver Blume. The proposed plan, which might lead to as many as 100,000 job losses in Germany and the closure of up to four factories, has encountered resistance from worker representatives on the supervisory board as well as from Lower Saxony, a major shareholder. In a letter sent to Volkswagen’s chairman, Union Investment warned that Volkswagen’s investment-grade credit rating is in jeopardy if its profitability fails to improve.