European rating agency. Objective, transparent, independent.
European rating agency. Objective, transparent, independent.


Rating History

Rating Watch Outlook Decision Date Action Validity Date Maximum Validity
A+ Watch UNW 01.07.2022 06.07.2022
A+ Outlook STA 25.05.2022 31.05.2022
A+ Outlook STA 22.06.2021 25.06.2021
A+ Outlook STA 24.08.2020 25.08.2020
A+ Outlook STA 18.10.2017 20.10.2017
A+ Outlook STA 07.10.2016 14.10.2016


  • 06.07.2022
    Creditreform Rating has set the unsolicited corporate issuer and issue ratings of A+ of SAP SE and of the EUR-denominated long-term senior unsecured issues of SAP SE on Watch UNW. The debt securities are included in the ECB's list of eligible marketable assets, which is available on the European Central Bank's website. An outlook is not applicable. For further details on the ratings, please refer to the press release below.
  • 31.05.2022
    Creditreform Rating has affirmed the unsolicited corporate issuer rating of SAP SE at A+. Creditreform Rating has also affirmed the unsolicited corporate issue rating of the long-term local currency senior unsecured notes issued by SAP SE at A+. These issues are included in the list of ECB-eligible marketable assets, which can be found on the ECB's website. The outlook for the ratings remains stable. For more details regarding the ratings, please refer to our update report below.
  • 25.06.2021
    Creditreform Rating has affirmed the unsolicited corporate issuer rating of SAP SE (SAP) at A+. The outlook remains stable. This decision is based on the fact that the Company, despite the COVID 19 pandemic, was again able to convince with solid key figures in fiscal year 2020. With a slight decline in revenue, SAP achieved a significant improvement in earnings compared to the previous year, which is also attributable to favorable one-off effects. We also expect a solid development for the current fiscal year 2021, although the general conditions remain difficult for the time being due to the COVID 19 pandemic, and SAP is forecasting a deterioration in operating profit and an increase in capital expenditure for the full year 2021.
  • 25.08.2020
    Creditreform Rating has confirmed the A+ unsolicited corporate issuer rating of SAP SE. The stable outlook remains in place.

    With this unsolicited Corporate Issuer Rating , we confirm SAP SE as having a high level of creditworthiness and low default risk. The Company´s sustainable business model based on its market position, as well as its products, strategy, and innovative capacity have a favorable impact on the rating. The Corporation has expanded its business operations significantly and displays an appropriate capital structure and solid financial strength. The analysis of the Company´s financial figures shows them to have remained stable at a respectable level over several years, although the results in 2019 show a slight decline due to one-off effects. Although SAP has not been spared the impact of the COVID-19 pandemic, we do not currently see any fundamental threat to its financial stability; it is also likely that SAP will profit in the short to medium term from the megatrend of digitization accelerated by the pandemic.
    Economic risks, political tensions, and the reluctance of customers to invest due to present and future circumstances regarding the pandemic, have a damping effect on the rating. Furthermore, we see significant pressure from international competition and from a fast-changing business sector which demands continuous innovation in the Company´s product portfolio. In this respect, the high-profit, expanding industry involves significant sector and business model risks.
    Despite a decline in the Company´s 2019 figures, the one-year outlook for the rating remains stable. This is based on our assumption that SAP will, at the minimum, reach its business forecast for 2020, and that the global economic distortion due to the coronavirus will soften in the second half of 2020 and in 2021 as a whole.
  • 20.10.2017
    Creditreform Rating has updated the unsolicited corporate rating of SAP SE.
  • 14.10.2016
    Creditreform Rating has carried out an unsolicited corporate rating of SAP SE. The rating and the rating report can be purchased by request to Creditreform Rating AG.