Ratings evaluate the ability of a company to meet its financial obligations. They communicate the creditworthiness of a company to potential debt capital investors. In addition, ratings facilitate access to international capital markets. METRO AG has commissioned one of the leading international rating agencies - Standards & Poor's -  to continuously analyse METRO GROUP’s creditworthiness.

METRO GROUP is rated as follows:

 Until 2012
Since 2012

Status: 31 December 2015

Based on its current ratings, METRO GROUP has access to all debt capital markets.

Rating chart Standard & Poor's

Financing programmes

A fundamental funding policy guideline is to sustain the group's financial independence and ensure proper access to financial markets. Therefore we have a €2 bn Euro Commercial Paper Programme and 2 bn Euro French CP as well 6 bn Euro Debt Issuance Programme in place.

Debt Issuance Programme (DIP)

For the long-term funding of the Debt Issuance Programme launched in 2000, we have available the original nominal volume which was increased from €3 billion to €5 billion in 2003 and to €6 billion in May 2010. In the framework of this programme, bonds with maturities of up to 30 years can be issued in any currency.

€6 bn Debt Issuance Programme

Utilisation as per 30 September 2016: € 3.12 billion

Offering Circular, 10 February 2017, PDF 3.66 MB



  • Citigroup Global Markets Ltd.
  • Commerzbank AG
  • Deutsche Bank AG
  • Goldman Sachs International
  • HSBC Bank plc/HSBC Trinkaus & Burkhardt AG
  • ING Bank N. V.
  • J.P. Morgan Securities plc
  • Société Générale 
  • The Royal Bank of Scotland plc
  • UniCredit Bank AG

Outstanding DIP issues (selection) 

 ISIN Code  Currency Amount Interest Basis Issue Date Maturity Date Final Terms
 XS1203941775  EUR  600mn  1.50%  19/03/2015  19/03/2025  pdf (477 KB)
 DE000A13R8M3  EUR  500mn  1.375%  28/10/2014  28/10/2021  pdf (233 KB)
 EUR  500mn
 pdf (226 KB)
 DE 000 A1MA9K8
 3.375%  01/03/2012
 pdf (314 KB)

Commercial Paper Programmes

For short and medium-term financing, METRO GROUP uses regular issuance programmes customary in capital markets such as the Euro Commercial Paper Programme launched in 1999 and an additional French Commercial Programme (Billets de Trésorerie) launched in 2003.

€2 bn Euro Commercial Paper Programme 

Prospectus, PDF 0.2 MB



  • BayernLB
  • Commerzbank Corporates & Markets
  • Credit Suisse
  • Deutsche Bank
  • Dresdner Kleinwort
  • Fortis Bank
  • HSBC
  • ING Wholesale Banking
  • Landesbank Baden-Württemberg
  • Natixis
  • The Royal Bank of Scotland

€2 bn TCN (Billét de Trésorie) Programme

Prospectus , PDF 0.12 MB



  • Natixis
  • HSBC France
  • Credit Agricole CIB
  • Société Générale
  • BNP Paribas
  • Deutsche Bank AG, London Branch
  • ING Bank N.V.
  • Banque Federative du Credit Mutuel

Liquidity back-up

METRO GROUP has access to an appropriate liquidity reserve at all times so the Group will not have its financial flexibility impaired even in case of the occurrence of unexpected situations which might have a negative financial impact.

  • Syndicated Loan / €1,525 bn / 2014 - 2021
  • Syndicated Loan / €1,000 bn / 2012 - 2019
  • Bilateral credit lines €0.375 bn with multi-year character

Status: 30 September 2016

Debt Maturity Profile

Debt maturity profile of METRO GROUP as of 30/09/2016

Status: 31 March 2017

A well balanced debt repayment profile, both in maturities and instruments, is a key element in providing financial independence and flexibility.

Hive-down and spin-off of the wholesale trading and food retail trade activities

In line with the hive-down and spin-off of the wholesale trading and food retail trade activities all liabilities and rights arising from syndicated credit facilities, bonded loans, bilateral credits, the bonds issued under the Debt Issuance Programme as well as the German Commercial Paper Programme are transferred to the METRO Wholesale & Food Specialist AG, Düsseldorf. Under the UmwG, the consent of third parties is not required for such transfer. The same applies to the guarantees provided as security for the bonds issued by METRO Finance B.V. Pursuant to § 133 para. 1 and para. 3 UmwG, METRO AG is jointly and severally liable for the fulfilment of liabilities which are transferred to METRO Wholesale & Food Specialist AG in the course of the hive-down, if they become due within five years from the announcement of the entry of the hive-down in the commercial register of METRO AG and based on them any claims are awarded against METRO AG by a court of law or in any other manner described in § 133 UmwG.

For more information see pages 111-115 of the Demerger report of the Management Boards of METRO AG and of METRO Wholesale & Food Specialist AG dated 13 December 2016. This and further documents and information about the hive-down and spin-off are available on the page of the Annual General Meeting under agenda item 11.


Analyst Coverage


 Bank  Analyst
 Barclays Capital  Vicki Gedge
 Yannis Mavridis
 Dennis Schmitt
 Deutsche Bank
 Aman Kumar
 DZ Bank
 Nina Kilb
 Max Castle
 Gerold Deppisch
 Rocco Schilling
 JP Morgan
 Alketa Ruci
 Mark Olsen
 Isadora Bartolome
 Société Générale
 Simon Cowie

Status: as of January 2015

Training Room Insight


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Please contact the Creditor Relations division for any questions regarding METRO bonds.

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