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 provide an independent, up-to-date assessment of a companyʼs creditworthiness. Due to the ownership structure of DBAG, 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 DBAG by the Federal Government. This means that the ratings given to the Federal Government are also significant for the ratings given to DBAG.

• During the year under review, S&P published an update on its estimates of DBAG and adjusted the long-term rating of DBAG 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 remained unchanged.
• Moody’s left the ratings and outlook unchanged during the year under review.

Additional information on the subject of ratings and the rating agencies’ full analyses of DB AG are available on our Investor Relations website.