Following a review under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our 'A+/A-1' ratings on Deutsche Bank AG and four core subsidiaries and revised the outlook on the ratings to negative. At the same time, we affirmed our 'BBB' issue ratings on Deutsche Bank's hybrid capital instruments and our 'BBB+' ratings on Deutsche Bank's subordinated debt. Other rating actions on debt issues and subsidiaries are listed below. Our ratings on Deutsche Bank reflect its strong business position, adequate capital and earnings, moderate risk position, average funding, and adequate liquidity. In addition, we consider that Deutsche Bank has high systemic importance in Germany. The negative outlook reflects the risks we perceive for the bank's
