Expected extraordinary group support from its German savings banks owners if needed. One of the leading domestic asset managers, benefitting from integration into the German savings bank sector. Adequate capital levels and liquidity compared with other German commercial banks. Potential earnings volatility due to sensitivity of revenues to capital markets conditions. Lower level of risk diversification and higher operational and reputational risks than peers. Reliance on wholesale funding. The stable outlook reflects our assumption that a material shift in DekaBank's strategy and integration with German savings banks is unlikely over the next 12-24 months. It also factors in our assumption that a significant change in Germany's banking economic risk is unlikely over this period, and our view that the network
