The strategy of DekaBank, Germany-based provider of asset management and securities services for savings banks, has become increasingly aligned with that of its German savings banks owners since they fully took over in 2011. We believe that its strategy provides DekaBank the potential to become increasingly integral to the savings banks' investment advisory processes, and we consequently now consider DekaBank to be highly strategic to the German savings banks. We are revising our outlook on DekaBank to positive from stable and affirming our 'A/A-1' ratings on DekaBank. The positive outlook reflects that we could revise our assessment of DekaBank's status to the group of German savings banks to core over the next 18-24 months, which would lead to a one-notch
