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The creditworthiness of DB Group is continuously monitored 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 raised the long-term issuer rating of DB AG by two notches from “AA-” to “AA+” in 2025. In S&P’s view, this is mainly due to DB AG’s increased proximity to the Federal Government. The rating outlook is now shown as “stable” again (previously “positive”). The other ratings (incl. the stand-alone rating (“bbb”) and short-term rating (“A–1+”)) remained unchanged.
• Moody’s did not make any changes to the ratings of DB AG in 2025.