Changes in credit ratings impact how companies in Germany make decisions about their finances. For publicly listed firms in the US, credit rating changes affect their capital structure decisions, but this is not the case for German companies. High creditworthy privately-held firms in Germany are not greatly influenced by credit rating changes, but those with speculative grade ratings adjust their financing to strengthen their capital structure after a downgrade. German firms, whether listed or not, have strong relationships with their banks, which helps them deal with negative credit rating changes.