OVERVIEW We have reviewed Deutsche Bank's mortgage covered bond program following a rebalancing of the asset composition toward residential mortgages. In our view, the program's payment structure and cash flow mechanism are still commensurate with the ratings. We are affirming our 'AAA' ratings on the covered bond program and all related series of covered bonds issued under the program. The stable outlook reflects our view of the program's features, which indicate that we could lower the rating on Deutsche Bank by three notches without it affecting the rating on the covered bonds. FRANKFURT (Standard&Poor's) Feb. 20, 2013--Standard&Poor's Ratings Services said today it affirmed its 'AAA' credit ratings on Deutsche Bank AG's (DB; A+/Negative/A-1) mortgage covered bond
