Press Release|Sovereigns

KBRA Affirms AAA / K1+ Ratings for the Federal Republic of Germany; Outlook Stable

15 Mar 2024   |   Dublin


KBRA Europe (KBRA) affirms the Federal Republic of Germany’s long term-issuer ratings of AAA. KBRA also affirms the short-term ratings of K1+. The Outlook on the long-term ratings is Stable.

This credit rating is an unsolicited credit rating
With Rated Entity or Related Third-Party ParticipationYes
With Access to Internal DocumentsNo
With Access to ManagementYes

KBRA’s affirmation of the ratings reflects Germany’s large, diversified and globally important economy, high degree of economic resiliency, strong governance and institutional framework, prudent policy environment, and healthy public finance position. Germany’s considerable fiscal capacity and high degree of financial flexibility allow the government to respond to external shocks. Germany currently finds itself in a recession and faces tough economic headwinds, which KBRA views as short-term. Public debt, relative to its recent past, will likely remain elevated over the short-term. Germany’s benchmark status and aforementioned financing flexibility significantly minimise credit risks. Germany has extremely strong access to liquidity, in KBRA's view. The Stable Outlook considers risks around energy supply, inflation, monetary policy, and their impact on economic growth and the public finances. KBRA acknowledges that conflict in the Red Sea adds somewhat to dampened performance, however Germany is not overly exposed.

To access rating and relevant documents, click here.

Click here to view the report.



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 Information Disclosure Form(s) 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 Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.

About KBRA Europe

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA 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. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider. Kroll Bond Rating Agency Europe is located at 6-8 College Green, Dublin 2, Ireland.

Doc ID: 1003493

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