Long-Term Local Currency Senior Unsecured Issues

SAP SE

Rating	Watch	Outlook	Decision Date	Action Validity Date	Maximum Validity
A+			24.08.2018	29.08.2018

29.08.2018

Based on the unsolicited corporate issuer rating of SAP SE (group) (A+/stable), Creditreform Rating has conducted unsolicited corporate issue ratings (ISIN) issued by SAP SE (group). The rating objects in question are exclusively long term senior unsecured issues denominated in Euro, which have been issued by SAP SE (group) and included in the list of ECB-eligible marketable assets. The ECB list of eligible marketable assets can be found on the ECBs website. All the following issues (ISIN) are rated with A+.