FRANKFURT (Standard&Poor's) Aug. 2, 2007--Standard&Poor's Ratings Services said today it raised its long-term counterparty credit rating on Germany-based Deutsche Bank AG and various core operating entities to 'AA' from 'AA-'. The outlook is stable. At the same time, Standard&Poor's affirmed its 'A-1+' short-term ratings. The upgrade reflects major and sustained improvements in Deutsche Bank's operating performance across all business lines and in its credit and market risk profile since the beginning of its "Management Agenda" in 2002. "While we recognize that current capital-markets nervousness-–precipitated by the U.S. subprime mortgage and leveraged corporate finance sectors--could herald a period of much-less-favorable market conditions, we believe these structural improvements leave Deutsche Bank well-positioned to withstand a more
