Deutsche Bank Outlook Revised To Negative As Operating Conditions May Challenge Strategy Execution; Ratings Affirmed

We believe the difficult operating environment may challenge Deutsche Bank as it undertakes a material restructuring of its business model and balance sheet. We are revising our outlook on Deutsche Bank to negative from stable. We are affirming our 'BBB+/A-2' issuer credit ratings on Deutsche Bank. The negative outlook reflects the possibility that we may lower the long-term issuer credit rating if market conditions challenge Deutsche Bank's ability to preserve its capital and maintain its franchise while implementing its restructuring plans. LONDON (S&P Global Ratings) July 19, 2016--S&P Global Ratings said today that it revised the outlook on Germany-based Deutsche Bank AG to negative from stable. The 'BBB+/A-2' global scale, 'cnA+' Greater China regional scale, and 'trAAA/trA-1' Turkey national scale

...+ We believe the difficult operating environment may challenge Deutsche Bank as it undertakes a material restructuring of its business model and balance sheet. + We are revising our outlook on Deutsche Bank to negative from stable. + We are affirming our '###+/A-2' issuer credit ratings on Deutsche Bank. + The negative outlook reflects the possibility that we may lower the long-term issuer credit rating if market conditions challenge Deutsche Bank's ability to preserve its capital and maintain its franchise while implementing its restructuring plans. LONDON (S&P Global Ratings) July 19, 2016--S&P Global Ratings said today that it revised the outlook on Germany-based Deutsche Bank AG to negative from stable. The '###+/A-2' global scale, 'cnA+' Greater China regional scale, and 'trAAA/trA-1' Turkey national scale issuer credit ratings were affirmed. At the same time, we revised the outlook on certain Deutsche Bank branches and subsidiaries to negative from stable (see rating list for details)....

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