FRANKFURT (Standard&Poor's) Oct. 29, 2004--Standard&Poor's Ratings Services said today that the ratings and outlook on Germany-based Deutsche Bank AG (AA-/Stable/A-1+) and its related entities remain unchanged following Deutsche Bank's report of third-quarter 2004 results. The results are generally in line with Standard&Poor's expectation of continued improvements in Deutsche Bank's operating and bottom-line profitability levels in 2004. Furthermore, the results indicate that the bank has continued to reduce its overall risk levels. Yet, they also reflect that the bank would increasingly have to struggle to narrow the profitability gap to similarly rated peers, if it were to rely on revenue growth alone to improve earnings. This is because market conditions for its trading activities and
