We consider that Deutsche Bank AG has a sufficient capital cushion to mitigate strategic execution risks, further legal and restructuring charges, and lackluster core earnings at the current rating level. We are affirming our 'BBB+/A-2' counterparty credit ratings on Deutsche Bank. We are reclassifying the group status of U.S. subsidiary Deutsche Bank National Trust Co. to "core" from "highly strategic" and raising the long-term counterparty credit rating to 'BBB+' from 'BBB'. The stable outlook on Deutsche Bank reflects our expectation that it will maintain satisfactory risk and balance sheet metrics as it implements its revised strategy. On Aug. 18, 2015, Standard&Poor's Ratings Services affirmed its 'BBB+' long-term and 'A-2' short-term counterparty credit ratings on German-incorporated Deutsche Bank AG.
