The stable outlook reflects our expectation that Deutsche Bank will maintain its disciplined strategic execution and strengthen its performance toward its 2025 targets. This progress would further improve the bank's resilience to unexpected stress. It also assumes that the bank's asset quality will remain robust amid slow economic growth and geopolitical upheaval, and it will maintain sound capital and liquidity ratios in line with management's guidance. If we were to improve our capital and earnings assessment during our two-year outlook horizon, we would likely remove the positive CRA adjustment and affirm the issuer credit and issue ratings. We could lower the ratings if Deutsche Bank fails to deliver a stronger and more consistent performance, resulting in a noteworthy repositioning of
