We think that Deutsche Bank's revised strategy has the potential to result in a more stable and profitable business model, but we expect its near-term performance will continue to lag those of peers. The €8 billion equity increase completed in April 2017 should support the bank's capital position as it restructures its operations. We are affirming our 'A-/A-2' issuer credit ratings on Deutsche Bank and all issue ratings. The negative outlook reflects the possibility that Deutsche Bank could encounter setbacks during its multiyear restructuring process. On July 14, 2017, S&P Global Ratings affirmed its 'A-/A-2' long- and short-term issuer credit ratings (ICR) on Germany-based Deutsche Bank AG. The outlook remains negative. At the same time, we affirmed our 'cnAA-' Greater
