...LONDON (Standard & Poor's) Feb. 24, 2016--Standard & Poor's Ratings Services said today that it lowered to '##' from '###+' the rating on a Brazilian real (R$) 183 million credit-linked note (ISIN XS0847087474) issued by Deutsche Bank AG that references a Brazilian government bond. All other ratings on Deutsche Bank AG are unaffected. Since the credit-linked note references a local currency Brazilian government bond, we rate the note at the lower of the issuer credit rating on Deutsche Bank AG (currently '###+') and the long-term local currency sovereign credit rating on Brazil. We recently lowered the latter rating to '##' and this leads to the same rating action on the credit-linked note (see "Brazil Long-Term Ratings Lowered To '##' On Significant Political And Economic Challenges; Outlook Negative," published on Feb. 17, 2016). The long-term local currency sovereign credit rating on Brazil had previously been lowered to '###-' from '###+' on Sept. 9, 2015. The credit-linked note should...
