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30 | | DEUTSCHE BAHN GroupFINANCIAL SITUATIONaaRatings confirmedaaa Slight increase in net financial debta Further increase in gross capital expendituresFinancial managementThere were no changes to the financial management concept ofDB Group in the first half of 2011. The concept is described onpage 97 of the 2010 Annual Report.The A debt issuance program [1] for € 15 billion designedfor long-term financing was updated in April 2011. As of June 30,2011, the program had been utilized to the extent of € 11.6 billion,and thus there was room for further issues of € 3.4 billion(as of December 31, 2010: € 3.2 billion).In the first half of 2011, DB Group issued two bonds,each with a volume of € 500 million and terms of five and tenyears, via its financing subsidiary Deutsche Bahn Finance B.V.(DB Finance), Amsterdam/the Netherlands. The bonds wereplaced mainly in France and Germany. The funds which wereraised had various applications, including the repayment of twoforeign currency bonds which were due during the reportingperiod (for a total equivalent of € 1.2 billion).As was the case in the previous year, there was a multi-currencymulti-issuer commercial paper program for € 2 billion availablefor short-term financing as of June 30, 2011. This program wasutilized to the extent of € 1.7 billion as of June 30, 2011 (as ofDecember 31, 2010: € 42 million).As of June 30, 2011, DB Group had also guaranteed unusedcredit facilities of € 2.6 billion (as of December 31, 2010: € 2.5billion). The commercial paper program is secured by thesebackup facilities.In addition, we were also able to access credit facilities of€ 1.4 billion as of June 30, 2011 (as of December 31, 2010: € 1.4 billion).These facilities which are made available to the subsidiariesworldwide comprise the financing of working capital and alsothe provision of guarantees.No major finance lease transactions were concluded in theperiod under review.Ratings confirmedRatings DB AG First issued LastCurrent ratingsconfirmationShort-term Long-term OutlookMoodyʼs May 16, 2000 Nov 26, 2010 P-1 Aa1 stableStandard & Poorʼs May 16, 2000 Jun 1, 2011 A-1+ A A stableFitch Feb 17, 2009 Jul 11, 2011 F1+ A A stableInformation as of July 21, 2011.The creditworthiness of DB Group is constantly monitored bythe rating agencies Standard&Poor’s (S &P), Moody’s and Fitch.In the period under review, S &P confirmed the good ratingsof DB AG as part of the annual rating review. Fitch confirmed itsratings of DB AG at the beginning of July 2011. The ratings havethus been unchanged since they were first awarded in the year2000 (S &P, Moody’s) and 2009 (Fitch).Additional information concerning the subject of A rating[2] and the complete analyses of Standard&Poor’s (S&P),Moody’s and Fitch concerning DB AG can be found on ourWeb site.| | [1] A www.db.de/mtn-e | | [2] A www.db.de/rating-e