Deutsche Bank AG 'BBB+/A-2' Ratings Affirmed; Outlook Stable; Deutsche Bank National Trust Co. Ratings Raised To 'BBB+'

We consider that Deutsche Bank AG has a sufficient capital cushion to mitigate strategic execution risks, further legal and restructuring charges, and lackluster core earnings at the current rating level. We are affirming our 'BBB+/A-2' counterparty credit ratings on Deutsche Bank. We are reclassifying the group status of U.S. subsidiary Deutsche Bank National Trust Co. to "core" from "highly strategic" and raising the long-term counterparty credit rating to 'BBB+' from 'BBB'. The stable outlook on Deutsche Bank reflects our expectation that it will maintain satisfactory risk and balance sheet metrics as it implements its revised strategy. LONDON (Standard&Poor's) Aug. 18, 2015--Standard&Poor's Ratings Services said today that it affirmed its 'BBB+' long-term and 'A-2' short-term counterparty credit

...+ We consider that Deutsche Bank AG has a sufficient capital cushion to mitigate strategic execution risks, further legal and restructuring charges, and lackluster core earnings at the current rating level. + We are affirming our '###+/A-2' counterparty credit ratings on Deutsche Bank. + We are reclassifying the group status of U.S. subsidiary Deutsche Bank National Trust Co. to "core" from "highly strategic" and raising the long-term counterparty credit rating to '###+' from '###'. + The stable outlook on Deutsche Bank reflects our expectation that it will maintain satisfactory risk and balance sheet metrics as it implements its revised strategy. LONDON (Standard & Poor's) Aug. 18, 2015--Standard & Poor's Ratings Services said today that it affirmed its '###+' long-term and 'A-2' short-term counterparty credit ratings on German-incorporated Deutsche Bank AG. The outlook remains stable. At the same time, we raised the long-term counterparty credit rating on U.S. subsidiary Deutsche Bank...

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