We are affirming the 'A+/A-1' long- and short-term counterparty credit ratings on Deutsche Bank. Revenues are concentrated in investment banking, which we view as inherently more volatile than other business lines. We are lowering our assessment of the stand-alone credit profile (SACP) and the ratings on the bank's junior subordinated debt by one notch to 'BBB' from 'BBB+'. The long-term rating on Deutsche Bank now includes one notch of uplift over the SACP because of our view of its high systemic importance. The stable outlook reflects our expectation that Deutsche Bank's financial performance will remain strong over the medium term. PARIS (Standard&Poor's) Sept. 8, 2010--Standard&Poor's Ratings Services said today it has affirmed its 'A+/A-1' long- and
