Current ratings of Telefonica Deutschland

On 26 September 2025 Fitch Ratings has affirmed Telefónica Deutschland’s Long-Term Issuer Default Rating (IDR) and Telefónica Germany GmbH & Co. OHG's senior unsecured rating at 'BBB'. The Outlook on the Long-Term IDR is Stable. Telefónica Deutschland’s Standalone Credit Profile (SCP), was for the first time upgraded by Fitch to 'bbb+'. The improved SCP is driven by lower leverage, a strong improvement in cash flow from operations, less capex to gross debt, and greater free cash flow stability as the financial impact of the loss of a significant wholesale contract eases. The SCP reflects Telefónica Deutschland’s solid position in a broadly rational German mobile market, well-invested networks and a conservative financial policy. Given the strong linkage to Telefonica SA (97% ownership in Telefónica Deutschland), the Long-Term Issuer Default Rating (IDR) was capped at the level of the ultimate parent company at BBB/Stable. More details in the Fitch press release.