We believe the difficult operating environment may challenge Deutsche Bank as it undertakes a material restructuring of its business model and balance sheet. We are revising our outlook on Deutsche Bank to negative from stable. We are affirming our 'BBB+/A-2' issuer credit ratings on Deutsche Bank. The negative outlook reflects the possibility that we may lower the long-term issuer credit rating if market conditions challenge Deutsche Bank's ability to preserve its capital and maintain its franchise while implementing its restructuring plans. On July 19, 2016, S&P Global Ratings revised the outlook on Germany-based Deutsche Bank AG to negative from stable. The 'BBB+/A-2' global scale, 'cnA+' Greater China regional scale, and 'trAAA/trA-1' Turkey national scale issuer credit ratings were affirmed. At
