OVERVIEW We have assigned a preliminary 'AAA' rating to Deutsche Bank's €1 billion mortgage covered bonds issuance with expected final maturity in April 2018. The outlook is stable. The preliminary cover pool backing the bonds comprises commercial real estate loans, residential mortgage loans extended to individuals and small corporate entities, and a small amount of liquid collateral. LONDON (Standard&Poor's) March 29, 2011--Standard&Poor's Ratings Services today assigned its 'AAA' preliminary credit rating to the €1 billion fixed-rate Hypothekenpfandbrief (German legislation-enabled mortgage covered bond) to be issued by Deutsche Bank AG (DB; A+/Stable/A-1). The outlook on the rating is stable. The preliminary rating reflects our expectation of timely payment of interest and ultimate repayment of principal on or
