FRANKFURT (Standard&Poor's) Dec. 14, 2004--Standard&Poor's Ratings Services said today it affirmed its 'AA-' long-term and 'A-1+' short-term counterparty credit ratings on Deutsche Bank AG (Deutsche Bank), and its ratings on related entities. The outlook is stable. The ratings affirmation follows Standard&Poor's regular surveillance review process. The affirmation reflects the positive trend in Deutsche Bank's profitability and asset quality. "However, Deutsche Bank will have to demonstrate sustainable improvements in its private and business clients segment, and address weaknesses in its institutional asset management business and the gap to competitors in equities, while maintaining current capital levels, cost control, and risk discipline," said Standard&Poor's credit analyst Bernd Ackermann. The affirmation is also based on
