The ratings on Deutsche Bank are based on the group's position as one of the most important financial institutions in Europe, and its strong market positions in selected areas of investment banking and asset management globally, as well as in retail and private banking in Germany and selected European countries. The ratings also reflect the diversity of the group's revenue and customer base and its derived distribution strength, which benefits its investment banking and asset-management operations. Moreover, the ratings are underpinned by an improved core capital position, following the realization of substantial gains from the group's financial investment portfolio, the reduction of risk-weighted assets, and the group's sound risk management. These positive factors continue to be partly offset by Deutsche
