LONDON (Standard&Poor's CreditWire) March 22, 2001--Standard&Poor's today assigned a preliminary double-'B'-plus rating to the class A floating-rate notes to be issued by Deutsche Bank AG (double-'A'/Stable/'A-1'-plus) under an existing European medium-term note program (see list below). The preliminary rating reflects the credit support in the form of subordination provided by the first loss piece, the credit risk of the reference portfolio, the review of the mechanics of the credit default swap, and the double-'A' rating of the existing program, a $15 billion program. At closing, Deutsche Bank will issue euro-denominated notes. As there is no collateral for the notes, Deutsche Bank will pay the principal and interest on the notes. Deutsche Bank's obligation is, however, linked
