Baden-Baden, December 16, 2021: GRENKE AG, global financing partner for small and medium-sized enterprises, today reports a new Rating Action from Standard & Poor's. S&P Global Ratings affirmed today GRENKE AG's "BBB+/A-2" long- and short-term issuer credit ratings. S&P left the outlook for the long-term rating unchanged at "negative". The issuer rating for the hybrid bonds was raised from "BB-" to "BB".
Prompting the action is a new rating methodology for banks and financial institutions published by Standard & Poor's on December 9, 2021, which, among other things, allows S&P to include additional credit factors when determining the stand-alone credit profile (SACP). On this basis, S&P Global Ratings has also raised GRENKE AG's stand-alone rating by one notch. S&P justifies the adjustment by stating that it continues to expect higher profitability and better risk-adjusted margins at GRENKE compared to financial institutions with similar credit ratings, and that this assessment had not yet been taken into account in the SACP.
S&P's latest report can be downloaded at https://www.grenke.com/investor-relations/debt-capital/