We see rising risks associated with Deutsche Bank AG's global investment banking profile and believe that the bank's ability to generate stable, predictable revenues has decreased. Therefore, we have revised our assessment on Deutsche Bank's business position to adequate from strong. As a result, we are lowering our long-term rating on Deutsche Bank to 'A' from 'A+' after removing it from CreditWatch negative. The outlook is stable, reflecting our assumption that Deutsche Bank will keep reducing its risk position globally, offsetting some of the increasing industry risk and economic risks in the regions where Deutsche Bank operates. On July 2, 2013, Standard&Poor's Ratings Services lowered its long-term counterparty credit rating on Deutsche Bank AG to 'A' from 'A+'.
