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Deutsche Bahn (DBHNGR; Aa1/AA- Pos/AA+)  S&P moves to pos. outlook (100% Government Owned)

TRANSPORTATION
  • It's actually downgraded the standalone from BBB+ to BBB and instead increased the notching uplift to +5 to keep ratings unch. It says that reflects increased support from German government heading forward including a committed €20b in equity injections over 2024-29.
  • The '25 and '29 perp's have been junked now; rated at (Baa1/BB+).
  • Reminder DBHNGR receives a 5-notch upfit from baseline A3 baseline at Moody's already for German government (Triple A) ownership.
  • On the logistics unit sale it says "at this stage, we do not factor the potential sale of DB Schenker and any potential proceeds into our base-case scenario because the details--including the amount and timing of proceeds--are uncertain". Reminder local issuer DSV (A3/A-) is a "reportedly" finalist bidder for the €15b unit - a strong credit negative given size of that deal.
  • Bunds remain on stable outlook.
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