Credit Rating Report

Morningstar DBRS Confirms Federal Republic of Germany at AAA, Stable Trend

Sovereigns

Summary

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

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