Deutsche Bank Ratings Affirmed As Profitability Creeps Upward; Key Challenges Remain

Deutsche Bank has seen mixed progress in its mission to significantly enhance its profitability. Execution on reducing costs and refocusing the business has been solid, but revenue has been weaker than expected. Although significant execution risks remain, we are affirming our 'BBB+'/'A-2' issuer credit ratings on Deutsche Bank and its core operating subsidiaries. The stable outlook acknowledges the ongoing revenue challenges inherent in Deutsche Bank's restructuring, but reflects our view that the management team will continue to deliver fully on the initiatives within its control, and that key clients will remain engaged. LONDON (S&P Global Ratings) May 24, 2019--S&P Global Ratings today affirmed its long-term and short-term issuer credit ratings on Deutsche Bank AG and its core subsidiaries at 'BBB+'/A-2'.

...May 24, 2019 - Deutsche Bank has seen mixed progress in its mission to significantly enhance its profitability. Execution on reducing costs and refocusing the business has been solid, but revenue has been weaker than expected. - Although significant execution risks remain, we are affirming our '###+'/'A-2' issuer credit ratings on Deutsche Bank and its core operating subsidiaries. - The stable outlook acknowledges the ongoing revenue challenges inherent in Deutsche Bank's restructuring, but reflects our view that the management team will continue to deliver fully on the initiatives within its control, and that key clients will remain engaged. LONDON (S&P Global Ratings) May 24, 2019--S&P Global Ratings today affirmed its long-term and short-term issuer credit ratings on Deutsche Bank AG and its core subsidiaries at '###+'/A-2'. We also affirmed our resolution counterparty ratings on these entities. The outlook remains stable. At the same time, we affirmed our issue credit ratings on all...

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