Deutsche Bank's disciplined execution of its transformation program is delivering a more focused and profitable business model. The bank's resilient balance sheet continues to underpin its credit profile. We raised the long-term issuer credit ratings on Deutsche Bank AG and its core European and U.S. subsidiaries to 'A-' from 'BBB+'. The stable outlook indicates that the bank is well placed to continue delivering its strategy and strengthening its performance. On Nov. 9, 2021, S&P Global Ratings raised its long-term issuer credit ratings on Deutsche Bank AG, its branches, and its core European and U.S. subsidiaries to 'A-' from 'BBB+'. The outlook is stable. At the same time, we raised our long- and short-term resolution counterparty ratings on Deutsche Bank AG