...VR Drives IDR: Deutsche Postbank AG's (PB) Issuer Default Ratings (IDRs) are driven by the bank's Viability Rating (VR). PB's VR reflects its adequate nationwide retail franchise, stable and transparent business model, and satisfactory financial profile. PB is being prepared for separation from its parent, Deutsche Bank AG (DB, A-/Stable/a-). This process began in 2Q15, when DB said it would sell PB. Operational enhancements to ensure PB's operational independence from DB upon its sale are now completed. DB's Support Likely Until Sale: Fitch Ratings continues to view DB's support for PB as highly probable, but only for as long as DB remains PB's majority owner, which is reflected by the Negative Watch on PB's Support Rating. This is primarily because PB's default would result in huge reputational damage to DB. The timing of the disposal is uncertain. We believe it is more likely to take the form of an initial public offering than a sale to an institutional investor. Moderate Profitability...
