Deutsche Bank's 2019-2022 transformation program has established a more focused and profitable business model, and laid the foundations for further progress. The bank's solid capital, funding, and liquidity profiles underpin its credit profile and mitigate market volatility. We therefore revised the outlook on Deutsche Bank AG and its core European and U.S. subsidiaries to positive from stable and affirmed the ratings. The positive outlook indicates we could raise the ratings if Deutsche Bank maintains its strategic discipline, earnings momentum, and supportive balance sheet metrics. On May 17, 2023, S&P Global Ratings revised its outlook on Deutsche Bank AG and the bank's core European and U.S. subsidiaries to positive from stable. At the same time, we affirmed the issuer credit ratings
