Market Overview

KBRA Europe Assigns Long-Term Issuer Ratings of AAA to the Federal Republic of Germany


Kroll Bond Rating Agency Europe (KBRA) assigns long-term issuer ratings of AAA to the Federal Republic of Germany. KBRA also assigns short-term ratings of K1+ to the sovereign. The Outlook on the long-term ratings is Stable.


This credit rating is an unsolicited credit rating.

With Rated Entity of Related Third-Party Participation


With Access to Internal Documents


With Access to Management


Click here to view the report. To access ratings and relevant documents, click here.

KBRA assigns a Stable Outlook to Germany's long-term ratings. The Stable Outlook reflects Germany's large, diversified, and globally important economy, its high degree of economic resiliency and strong governance and institutional framework, as well as prudent policy environment and healthy public finance position. Germany's large fiscal buffers and high degree of financial flexibility allowed the government to enact a substantial policy response to the COVID-19 pandemic.

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Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the EU Information Disclosure Form located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the EU Information Disclosure Form referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at

About KBRA Europe

KBRA Europe is a full-service credit rating agency (CRA) registered with the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency, LLC (KBRA) is a CRA registered as an NRSRO with the U.S. Securities and Exchange Commission and is a certified CRA with ESMA. KBRA is also recognized by the U.S. National Association of Insurance Commissioners as a Credit Rating Provider and is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. Kroll Bond Rating Agency Europe is located at 6-8 College Green, Dublin 2, Ireland.

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