OVERVIEW We have reviewed the performance of Germany based DekaBank Covered Bonds as part of our ongoing surveillance. The program's available credit enhancement remains commensurate with the seven potential notches of uplift from the issuer credit rating on DekaBank. We are therefore affirming our 'AAA' ratings on the covered bonds. The stable outlook reflects that the covered bonds' current characteristics could stay in line with our 'AAA' rating, even if we lowered the issuer credit rating on Deka Bank by two notches or if the program's asset-liability mismatch risk increased. FRANKFURT (Standard&Poor's) June 18, 2014--Standard&Poor's Ratings Services said today that it had affirmed its 'AAA' long-term ratings on the DekaBank Deutsche Girozentrale's Public Sector Covered Bonds
