On Nov. 17, 2005, Standard&Poor's Ratings Services affirmed its 'AA-/A-1+' counterparty credit ratings on Germany-based Deutsche Bank AG, and its ratings on related entities, following a regular ratings review. The outlook is stable. The ratings affirmation reflects that Deutsche Bank has delivered on the targets of its transformation program, underpinned by further significant improvements in operating profitability across all business lines in 2005, while having reduced highly volatile and capital-intensive activities. They also reflect, however, that revenue growth in its non-investment-banking divisions remains low. Such revenue growth is a precondition to further bottom-line growth in these areas. The ratings on Deutsche Bank are based on the group's strong global franchise in corporate banking and securities business, a track
