Deutsche Bank has seen mixed progress in its mission to significantly enhance its profitability. Execution on reducing costs and refocusing the business has been solid, but revenue has been weaker than expected. Although significant execution risks remain, we are affirming our 'BBB+'/'A-2' issuer credit ratings on Deutsche Bank and its core operating subsidiaries. The stable outlook acknowledges the ongoing revenue challenges inherent in Deutsche Bank's restructuring, but reflects our view that the management team will continue to deliver fully on the initiatives within its control, and that key clients will remain engaged. On May 24, 2019, S&P Global Ratings affirmed its long-term and short-term issuer credit ratings on Deutsche Bank AG and its core subsidiaries at 'BBB+'/A-2'. We also affirmed
