On Oct. 31, 2002, Standard&Poor's Ratings Services affirmed its ratings on Germany-based Deutsche Bank AG and related entities, including the double-'A'-minus/'A-1'-plus counterparty credit and certificate of deposit ratings on Deutsche Bank. The outlook is stable. The rating affirmation reflects Deutsche Bank's determined execution of major strategic initiatives, including a rigid cost-cutting program and sizable disposal of noncore activities, as well as the group's strong capital base and sound risk management. These factors should help Deutsche Bank to weather the persistent difficult economic, capital market, and competitive environments and lay the foundation to restore its weak core profitability. Standard&Poor's expects that a turnaround in Deutsche Bank's performance will initially be driven by substantial cost savings, while the
