LONDON (Standard&Poor's) May 7, 2014--Standard&Poor's Ratings Services today assigned its 'BB' long-term issue rating to the proposed undated additional Tier 1 notes to be issued by Deutsche Bank AG (A/Negative/A-1). The rating is subject to our review of the notes' final documentation. In accordance with our criteria for hybrid capital instruments, the 'BB' rating reflects our analysis of the proposed instrument, and our assessment of Deutsche Bank's stand-alone credit profile (SACP) of 'bbb+' (see "Bank Hybrid Capital Methodology And Assumptions," published on Nov. 1, 2011, on RatingsDirect). The 'BB' issue rating stands four notches below the issuer's SACP, reflecting: The deduction of two notches, which is the minimum downward notching from the SACP under our criteria
