In October 2015, Deutsche Bank AG confirmed its new five-year strategy, which includes significant cost cutting, de-risking, and de-leveraging actions. If executed well, we believe the strategy has potential to support Deutsche Bank's credit profile from 2018 onward, but we see material execution challenges in the near term. We are affirming our 'BBB+/A-2' counterparty credit ratings on Deutsche Bank, lowering the ratings on its Tier 1 regulatory capital instruments to 'BB-' from 'BB', and lowering the ratings on its dated, nondeferrable Tier 2 regulatory capital instruments to 'BB+' from 'BBB-'. The stable outlook reflects our expectation that Deutsche Bank will make steady progress during the next two years toward its financial and operational targets for 2020. On Nov. 24, 2015,
