26.10.2021
Creditreform Rating has adjusted the unsolicited corporate issuer rating of Deutsche Bahn AG to AA-, from AA. The outlook was changed from negative to stable. The main reason for the rating adjustment is the negative impact of the COVID-19 pandemic, which has led to a significant drop in revenue and earnings and consequently to a deterioration in the financial ratio analysis for the 2020 financial year. While rail freight transport has stabilized again, the recovery effect in rail passenger transport has so far remained muted, with the result that profitability and internal financing strength continue to be under pressure in the current fiscal year. We see this as a dampening rating factor, particularly against the backdrop of the recent sharp rise in debt but also the future financial challenges in the wake of the strategic focus on "strengthening rail transport". The close relationship with the Federal Republic of Germany and thus the classification as a government-related company continue to be decisive for the adjusted but still high rating level. We continue to assume that the owner, the Federal Republic of Germany, will provide Deutsche Bahn AG with financial support in the event of a crisis. For all other rating factors, please refer to the current update report.