Standard & Poor’s downgraded Volkswagen’s rating on long-term debt Monday, and said the company’s diesel scandal indicates poor management. The financial agency further warned that its debt rating could be cut further if the automaker doesn’t immediately address the deepening scandal, Bloomberg reported (via Automotive News).

“VW has demonstrated material deficiencies in its management and governance and general risk-management framework,” Alex Herbert, a London-based analyst at S&P, said according to Bloomberg. “VW’s internal controls have been shown to be inadequate in preventing or identifying alleged illegal behavior.” Further damage and other violations “represents a significant reputational and financial risk.”

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Though investors are not happy with General Motors as of late, Standard & Poor’s is, boosting the automaker’s investment-grade rating from BBB- to BB+.

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Though still riding high all over equity markets, Tesla’s debt offerings took a severe hit in status when Standard & Poor’s bestowed a rating of junk status due to increased possibility of default by the EV automaker.

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