(Berlin, August 4, 2025) The rating agency S&P Global Ratings (S&P) has announced, that it has raised the “AA−” long-term issuer rating of Deutsche Bahn AG (DB AG) by two notches to “AA+”. The outlook is now “stable” again. The stand-alone rating (Stand Alone Credit Profile; SACP) is unchanged at "bbb".
The raised long-term issuer rating is in S&P's view essentially the result of a stronger link of DB AG to the German Government among others due to the finalized sale of DB Schenker. As a result, S&P has lifted its assessment of the likelihood of extraordinary support by the German Federal Government from “very high” to “extremely high.”
In S&P's view, the unchanged assessment of the SACP („bbb“) is equally decisive for the improvement in the issuer rating as a result of the expected improvement of key credit ratios. S&P assumes, among other things, that the ongoing efficiency and modernization measures will further increase profitability and that the funds from the sale of DB Schenker will support the reduction of debt.
From S&P's perspective, the “stable” rating outlook results from the fact that the probability of extraordinary government support from the German Federal Government will remain “extremely high”.
The short-term rating of DB AG is unchanged (“A-1+”) as the rating of the hybrid bond („BB+“).
The release of S&P and more details regarding the ratings of DB AG may be found on our IR Web site under www.db.de/rating-e.