Scope Ratings has affirmed the issuer credit rating of Deutsche Lufthansa at BBB- and assigned an Outlook of Negative. Senior unsecured debt was affirmed at BBB- and junior subordinated debt was affirmed at BB. The short-term rating of S-3 was also affirmed. These rating actions resolve the review for a possible downgrade from the last rating action dated 31 March 2020. The rating actions follow the provision of state aid by the German Federal Economic Stabilisation Fund (‘WSF’) and the approval of the state aid by Lufthansa shareholders and the European Commission. This has affected two areas: i) the financial

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