We expect Deutsche Bank to emerge from this deep, but short-term, cyclical downturn with a resilient balance sheet. Management has continued to demonstrate robust execution of the deep phase of operational restructuring that it started in 2019. We are revising the outlook on the bank and its core operating subsidiaries in Europe and the U.S. to positive from negative and affirming our 'BBB+/A-2' issuer credit ratings. The positive outlook anticipates that the benefits of restructuring will emerge over the next 12-24 months and, if substantially realised, would yield business stability and lift Deutsche Bank's performance more into line with higher rated European peers. On Feb. 26, 2021, S&P Global Ratings revised to positive from negative its outlook on Deutsche Bank
