On Jan. 15, 2009, Standard&Poor's Ratings Services affirmed its 'A+/A-1' counterparty credit ratings on Deutsche Bank AG. The outlook remains stable. This follows yesterday's announcement that Deutsche Bank suffered a net loss of €4.8 billion in the fourth quarter of 2008. According to the bank, this was mainly attributable to the combination of a substantial deleveraging and reduction in the trading books during a period of extreme volatility, correlation, and basis risk in the capital markets. This had a severe effect on revenues in the global markets activity, particularly in credit trading, equity derivatives, and equity proprietary trading. Outside the global markets business, there were further markdowns on exposures to monoline insurers, injections into money market funds, and
