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DBRS Morningstar upgrades Germany-based DZ Bank

DBRS Morningstar on Jan. 16 raised to AA (low) from A (high) the long-term issuer, senior debt and deposit ratings of DZ Bank AG, with a stable trend.

The agency also confirmed the German bank's short-term issuer, debt and deposit ratings at R-1 (middle) and its long-term critical obligations rating at AA, also with stable trends. The bank's support assessment stood at SA1 and its intrinsic assessment at A (high) while its short-term critical obligations rating was upgraded to R-1 (high) from R-1 (middle).

DBRS Morningstar said the bank's ratings now incorporate its membership into Genossenschaftliche Finanzgruppe Volksbanken und Raiffeisenbanken. The agency also noted that the bank's intrinsic assessment reflects its solid profitability, which is supported by diversified revenue streams and a sound risk profile.