Summary: Deutsche Bahn AG Jun 12

Standard & Poors, June 2012

Abstract
The ratings on Germany-based vertically integrated rail and logistics group Deutsche Bahn AG are based on Standard & Poor's Ratings Services' view of the group's stand-alone credit profile (SACP), which we assess at 'a-'. The ratings also take into account our opinion that there is a "very high" likelihood that the Federal Republic of Germany (AAA/Stable/A-1+) would provide timely and sufficient extraordinary support to Deutsche Bahn in the event of financial stress. We consider Deutsche Bahn's role to be "very important" for the Federal Republic of Germany, and assess its link to the government as "very strong." Deutsche Bahn is the 100% government-owned holding company of the German national railway group. It directly holds 100% of the business units, such...

Companies mentioned in this report are: Deutsche Bahn AG
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Deutsche Bahn AG

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