The creditworthiness of DB Group is continually reviewed and assessed by the rating agencies S&P Global Ratings (S&P) and Moody’s. Credit ratings represent an independent and 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 of the Federal Government for DB AG. This means that the rating classifications of the Federal Government are also relevant for the rating classifications of DB AG.

• S&P has not made any changes to the rating assessments of DB AG in 2024. S&P has raised the rating outlook from “stable” to “positive.” In S&P’s view, this was largely due to DB AG’s increased proximity to the Federal Government as a result of measures implemented and announced (e.g. equity increases, structural changes). S&P holds out the prospect of raising its assessment of the probability of extraordinary support from the Federal Government from “Very high” to “Extremely high.”
• Moody’s did not make any changes to the ratings of DB AG in 2024.