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.

S&P and Moody’s did not make any changes to the ratings of DB AG in 2023.

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