Deutsche Bank AG

The positive outlook indicates that we could raise the ratings in the next 12 months if Deutsche Bank maintains its strategic discipline and earnings momentum. Progress in these areas would narrow the gap to global corporate and investment bank peers. If we raise the long-term issuer credit ratings on Deutsche Bank AG and its core subsidiaries to 'A', we would also raise the long-term resolution counterparty ratings and the long-term issue ratings on all debt types by one notch. In addition, we would raise the short-term issuer credit ratings and the short-term issue credit ratings on Deutsche Bank AG's senior preferred obligations (including commercial paper) to 'A-1'. We use our Banking Industry Country Risk Assessment (BICRA) scores to determine the

...Deutsche Bank is strengthening its resilience and performance. We revised the outlook to positive from stable in May 2023 because Deutsche Bank's 2019-2022 transformation program refocused its business model, strengthened earnings, and laid the foundations for further progress (see Deutsche Bank Outlook Revised To Positive On Strengthening Resilience And Performance; Ratings Affirmed, published on May 17, 2023). Achieving its financial targets would close the performance gap to global systemically important bank (G-SIB) peers....

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