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 company’s creditworthiness. 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 given to the Federal Government are also significant for the ratings given to DB AG.

In 2022, S&P confirmed the ratings of DB AG and raised the outlook from “negative” to “stable,” due in part to the recovery in demand and the continued strong support from the Federal Government. Moody’s also confirmed the ratings given to DB AG in 2022, and raised the outlook from “negative” back to “stable,” due in part to the expectation that the recovery from the consequences of the Covid-19 pandemic will continue.