Standard&Poor's lowered its long-term counterparty credit and certificate of deposit ratings on Germany-based Deutsche Bank AG to double-'A'-minus from double-'A' on May 10, 2002. At the same time, Standard&Poor's affirmed its 'A-1'-plus short-term counterparty credit and certificate of deposit ratings on Deutsche Bank. The outlook is stable. The rating actions reflect Standard&Poor's expectation that the persistent difficult economic, capital market, and competitive environment will only allow Deutsche Bank to improve its weak core profitability and overcome its structural cost problems gradually. The ratings on Deutsche Bank continue to reflect the bank's position as one of the most important financial institutions in Europe, and its strong market positions in selected areas of investment banking and
