The Federal Republic of Germany (hereinafter, Germany, or the country) has been assigned the following ratings:

• Long-term foreign currency credit rating at AAA and local currency credit rating at AAA;
• Short-term foreign currency credit rating at S1+ and local currency credit rating at S1+.

The outlook on the long-term foreign currency credit rating is Stable and local currency credit rating is Stable.

The ACRA Europe, a.s. publishes its Transparency report according to Article 12 of the Regulation of European Parliament and the Council (EC) of 16 September 2009 on credit rating agencies as amended.

Transparency report 2019