The periodic review has resulted in no rating action.

Strong budgetary performance, robust access to financial markets, and a wealthy, diversified economy support the rating. High, though declining debt burden and limited budgetary flexibility are constraints.

The period review has resulted in no rating action.

Strong integration with its owning counties, high strategic importance in regional development, a strong market position, and resilient toll revenue are strengths. High leverage and significant capital expenditure are challenges.

Significant progress in reducing public debt, a strong track record of prudent fiscal policy, and enhanced economic resilience drive the upgrade. Still high public debt, a limited growth potential, and external vulnerabilities are credit constraints.

The periodic review has resulted in no rating action.

Strong integration with its owning counties, high strategic importance in regional development, a strong market position, and resilient toll revenue are strengths. High leverage and significant capital expenditure are challenges.

The periodic review has resulted in no rating action.

The extensive guarantee framework of the Free State of Bavaria (AAA/Stable) for LfA’s obligations and the bank’s high strategic importance to the federal state underpin the rating.

Strong track record of economic growth driven by substantial investments and an improving external position support the rating. High public debt and fiscal deficits, uncertainty about EU fund inflows, and vulnerabilities to external shocks are challenges.