FRANKFURT (Standard&Poor's) July 14, 2005--Standard&Poor's Ratings Services affirmed its 'A' rating on Germany-based DekaBank Deutsche Girozentrale senior unsecured unguaranteed debt issues (UNGUARANTEED rating) following its regular issuer review. The unguaranteed 'A' rating is similar to the long-term counterparty rating after July 18, 2005, and corresponds with an 'A-1' unguaranteed short-term counterparty rating. Existing 'AA/A-1+' guaranteed debt and counterparty ratings on DekaBank are not affected by the affirmation as they continue to be based on the statutory guarantee from eight of its 10 Landesbank owners, the ratings on which are based directly or indirectly on the guarantees of the respective states--which can be maintained until July 18, 2005, only. The unguaranteed counterparty ratings on DekaBank continue to
