We believe the prospect of extraordinary government support for German banks is now uncertain in view of the country's well-advanced and effective resolution regime. We are therefore removing the two-notch uplift that we had previously incorporated in the long-term counterparty credit rating on Deutsche Bank for government support. We consider that Deutsche Bank is unlikely to increase its additional loss-absorbing capacity (ALAC) above our 5.25% threshold within a four-year projection period. We are lowering the long- and short-term counterparty credit ratings on Deutsche Bank to 'BBB+/A-2' from 'A/A-1', and removing these ratings from CreditWatch with negative implications, where they were placed on Feb. 3, 2015. The stable outlook reflects our expectation that Deutsche Bank will maintain satisfactory risk and balance
