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Moody`s affirmed Aa1 ratings and raised outlook to “stable”

Moody`s affirmed long-term issuer rating of DB AG (“Aa1”) and raised outlook to “stable”. BCA and as a result the rating of the hybrid bonds lowered by one notch. Short-term rating unchanged.

(Berlin, July 4, 2022) The rating agency Moody's Investors Service (Moody's)  announced today, that it affirmed the “Aa1” long-term issuer rating of Deutsche Bahn AG (DB AG) and raised the outlook from “negative” to “stable”. The slight lowering of the stand-alone rating (Baseline Credit Assessment; BCA) from "a2" to "a3" was compensated by an expected high level of Government support.

The BCA rating revision reflects Moody's view of a weak development of key figures and the expectation that a sustained recovery is due to current challenges not to be expected in the short term.

The rating of hybrid bonds is according to Moody's rating methodology linked to the BCA. Hence the rating of the hybrid bonds issued in 2019 by DB Group`s financing company Deutsche Bahn Finance GmbH was also revised, from "A3" to "Baa1".

The short-term rating of DB AG is unchanged (“P-1”). 

The raised to “stable” outlook is in Moody's view among other things the result of the expectation that the recovery from the impact of the Covid-19 pandemic will continue.

The release of Moody`s and more details regarding the ratings of DB AG may be found under rating.

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