Credit Rating Report

DBRS Confirms Federal Republic of Germany at AAA, Stable Trend

Sovereigns

Summary

DBRS Ratings Limited (DBRS) confirmed the Federal Republic of Germany’s Long-Term Foreign and Local Currency – Issuer Ratings at AAA. At the same time, DBRS confirmed the Federal Republic of Germany’s Short-Term Foreign and Local Currency – Issuer Ratings at R-1 (high). The trend on all ratings is Stable.