Credit ratings

The creditworthiness of DB Group is constantly monitored and assessed by the rating agencies S&P Global Ratings (S&P) and Moody’s. Credit ratings are an independent and up-­­to-date judgment on the creditworthiness of a company. Due to the ownership structure of DB AG, the approaches of the rating agencies take into account not only the quantitative and qualitative analysis of DB Group, but also an assessment of the relationship with our owner, the Federal Government, and the potential support possibilities for DB AG by the Federal Government. This means that the ratings of the Federal Government are also important for the ratings of DB AG.

S&P and Moody’s published an update on the assessments of DB AG in the first half of 2020. S&P has adjusted the long-­­term rating of DB AG from “AA” to “AA–” due to changes in the expected short and medium-­­term development of DB Group attributable to Covid-19 from the perspective of S&P. This takes the rating back to the level it was at prior to the last adjustment in autumn 2019. At the same time, S&P has adjusted its rating outlook from “stable” to “negative” due, among other things, to current Covid-­­19-related uncertainties regarding the speed with which demand in rail transport will pick up again and the impact of Covid-19 on the development of the economic environment. The short-­­term rating has remained unchanged.

Moody’s has left the ratings and outlook unchanged.

Further information on the topic DB.DE/RATING-E and the full analyses of the rating agencies for DB AG are available on our Investor Relations Web site.