Credit Rating Report

DBRS Morningstar Assigns BBB (low) Credit Ratings to the Republic of San Marino

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Summary

DBRS Ratings GmbH (DBRS Morningstar) assigned Long-Term Foreign and Local Currency Issuer Ratings of BBB (low) to the Republic of San Marino (San Marino). DBRS Morningstar also assigned Short-Term Foreign and Local Currency Issuer Ratings of R-2 (middle) to San Marino. The trend on all credit ratings is Stable.

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