Debt Capital

Get an overview of our debt refinancing strategy and all the associated ratings information.

The GRENKE Group on the international capital markets

The international capital markets are of particular significance as part of the GRENKE Group’s refinancing strategy and the corresponding liquidity supply.

GRENKE Group’s solvency is secured by adequate liquidity facilities. A diversified refinancing structure in the short- and long-term range enables sufficient liquidity to be raised for GRENKE Group and the global business. The main sources of refinancing to ensure GRENKE Group’s short-term ability to meet its financial obligations are cash holdings, a syndicated revolving loan facility and overdraft facilities. In addition, a commercial paper programme exists for the issuance of commercial paper.

 

The medium- and long-term refinancing of GRENKE Group is handled on the one hand by bond issues via the Debt Issuance Programme. On the other hand, GRENKE Group uses refinancing instruments in the form of  traditional bank financing, revolving loan facilities, forfaiting facilities and ABCP programmes as well as financing opportunities available to us via GRENKE BANK AG’s deposit business.

 

Detailed information on the individual financing instruments at GRENKE can be found in the current annual report.

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Ratings of GRENKE AG

Agency
Long Term / Short Term
Outlook
Date

Standard & Poor’s

BBB+ / A-2

negative

August 2022

GBB Rating

A- / –

indeterminate

July 2022

In its latest analysis, dated August 1, 2022 the rating agency Standard & Poor's affirms the Group's counterparty credit rating BBB+ / A-2. S&P´s outlook on the long term rating remains negative.

In its latest analysis, dated July 1, 2022 the GBB-Rating Gesellschaft für Bonitätsbeurteilung mbH affirms the rating A- for the GRENKE Group. The outlook was being revised to indeterminate.

Rating Documents

The following rating documents provide a detailed view of our credit rating from Standard & Poor’s and GBB.

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