FRANKFURT (Standard&Poor's) June 3, 2008--Standard&Poor's Ratings Services said today it affirmed its 'AA/A-1+' long- and short-term counterparty credit ratings on Deutsche Bank AG, and its ratings on related entities, in conjunction with its completion of a review of the global securities industry (for more information, see "S&P Completes Review Of Global Securities Industry; Ratings Lowered On Morgan Stanley, Merrill Lynch&Co. Inc., And Lehman Brothers Holdings Inc.; Outlooks Negative," published on June 3, 2008, on RatingsDirect). The outlook on Deutsche Bank remains negative. "The affirmation with a negative outlook reflects that Deutsche Bank generates the majority of its earnings from sales and trading and corporate finance, and is therefore exposed to the same adverse industry
