Credit Rating Report

Morningstar DBRS Confirms Republic of San Marino at BBB (low), Stable Trend

Sovereigns

Summary

DBRS Ratings GmbH (Morningstar DBRS) confirmed the Republic of San Marino's (San Marino) Long-Term Foreign and Local Currency Issuer Ratings at BBB (low). Morningstar DBRS also confirmed San Marino's Short-Term Foreign and Local Currency Issuer Ratings at R-2 (middle). The trends on all ratings are Stable.

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