Deutsche Lufthansa AG's Proposed Unsecured Notes Rated 'BB-'

FRANKFURT (S&P Global Ratings) July 7, 2021--S&P Global Ratings said today that it had assigned its 'BB-' issue rating to the proposed senior unsecured notes due 2024 and 2029 to be issued by Deutsche Lufthansa AG (BB-/Negative/B). The notes will be issued under the upsized €10 billion debt issuance program. We expect Lufthansa will use the net proceeds for general corporate purposes. We rate the proposed notes at the same level as our long-term issuer credit rating on Lufthansa. For the latest issuer credit rationale, please see "Lufthansa Downgraded To 'BB-' From 'BB' On Lower Air Traffic; Outlook Negative," published Nov. 19, 2020, on RatingsDirect. The recovery rating is '3', indicating meaningful recovery prospects (50%-70%; rounded estimate: 65%) in the

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