FRANKFURT (Standard&Poor's) May 27, 2009--Standard&Poor's Ratings Services has assigned a preliminary 'AAA' credit rating to the inaugural Hypotheken Pfandbrief (German legislation-enabled mortgage covered bond) issuance to be issued by Deutsche Bank AG (DB; A+/Stable/A-1). The mortgage covered bond will be drawn under DB's €80 billion debt-issuance program. The initial issuance is expected to be €1 billion, and depending on market conditions, is expected to occur in Q2 2009. The mortgage covered bond will constitute a senior-secured unsubordinated obligation and will, once issued, rank pari passu with other obligations secured by the same cover register. The notes and all other documentation relating to the program are governed by German law. German mortgage covered bonds can be backed
