Deutsche Bank continues to narrow the gap with peers by growing its franchise, strengthening its earnings, and maintaining solid capital and liquidity profiles. We therefore raised our long- and short-term issuer credit ratings on Deutsche Bank AG to 'A/A-1' from 'A-/A-2', and our long-term resolution counterparty rating to 'A+' from 'A'. Additionally, we raised the long-term issue ratings on senior preferred, senior nonpreferred, Tier 2, and additional Tier 1 debt by one notch. The stable outlook reflects our expectation that the bank will maintain its disciplined strategic execution and improve its performance toward its 2025 targets. On Dec. 8, 2023, S&P Global Ratings raised its long- and short-term issuer credit ratings on Deutsche Bank AG to 'A/A-1' from 'A-/A-2', as
