Deutsche Bank's risk-adjusted capitalization is steadily strengthening according to our metrics. The bank continues to execute its strategy and build its franchise and earnings. We still see the bank's intrinsic creditworthiness as consistent with a 'bbb+' group stand-alone credit profile. We therefore affirmed our 'A/A-1' long- and short-term issuer credit ratings on Deutsche Bank and our issue ratings on all of its debt instruments. The stable outlook reflects our expectation that Deutsche Bank will maintain its disciplined strategic execution and strengthen its performance toward its 2025 targets. On Dec. 10, 2024, S&P Global Ratings affirmed its 'A/A-1' long- and short-term issuer credit ratings on Deutsche Bank AG and its branches. The outlook is stable. At the same time, we affirmed
