Expected ongoing and extraordinary group support from its owners, the German savings banks, if needed. Position as one of the leading domestic asset managers, benefiting from its integration into the German savings bank sector. Adequate capital levels and liquidity comparable with other German commercial banks. Potential earnings volatility due to revenues' sensitivity to capital market conditions. Lower level of risk diversification and higher operational and reputational risks than peers; notable loan exposure to the transportation sector. Reliance on wholesale funding. The negative outlook on DekaBank reflects our view of persisting economic and industry risks for the German banking sector. In particular, we anticipate that the German savings banks--the 100% owners of DekaBank--will be exposed to the economic and industry risks
