LONDON (S&P Global Ratings) Jan. 30, 2020--S&P Global Ratings said today that its ratings on Deutsche Bank AG (BBB+/Stable/A-2) are unchanged after the bank announced its preliminary results for fourth-quarter and full-year 2019. Beyond the headline reported post-tax loss of €5.3 billion, underlying return on tangible equity (ROTE) for the core bank was around 4%. We see the results and broader business developments as consistent with the central expectations underpinning our affirmation of the ratings in December 2019. While we expect transformation costs to continue to weigh on the bank's reported results in 2020, we see this year as critical for delivering the efficiencies and investments that are key to achieving management's 8% return on tangible equity target by 2022.
