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Deutsche Bahn (DBHNGR; Aa1/AA- Pos/AA+) may need to stop covering DB Cargo segments losses

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Background; EU Commission (Jan '22); "DB Cargo is a 100% subsidiary of the State-owned, vertically-integrated German rail operator Deutsche Bahn AG (‘DB AG'). DB Cargo has been persistently loss-making. Its losses have been fully and continuously covered by DB AG on the basis of an open-ended profit and loss transfer agreement concluded between DB AG and DB Cargo."


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Background; EU Commission (Jan '22); "DB Cargo is a 100% subsidiary of the State-owned, vertically-integrated German rail operator Deutsche Bahn AG (‘DB AG'). DB Cargo has been persistently loss-making. Its losses have been fully and continuously covered by DB AG on the basis of an open-ended profit and loss transfer agreement concluded between DB AG and DB Cargo."


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