Superb franchise in corporate and investment banking. Good track record in credit risk management. High systemic importance in Germany. Revenues still concentrated in investment banking, which is more volatile than other business lines. Moderate capitalization according to Standard&Poor's risk adjusted capital framework. Confidence sensitive business model due to some reliance on wholesale funding. The ratings on Deutsche Bank AG reflect Standard&Poor's Ratings Services' opinion of the German group's leading global franchise in corporate and investment banking, consistent strategy, and high systemic importance to the German government. These strong points are offset, in our opinion, by continued dependence on profits from securities sales and trading, which is more volatile than other banking business lines, moderate Standard&
