Our counterparty credit ratings on Germany-based DekaBank Deutsche Girozentrale (A/Stable/ A-1; DekaBank) incorporate a one-notch uplift for implicit support from DekaBank's owners, the German savings banks and Landesbanks, and our belief that timely and sufficient extraordinary government support would be forthcoming if the bank and its owners were unable to resolve financial problems independently. However, we currently do not consider that this type of support might be needed. The ratings on DekaBank's also reflect its sound stand-alone credit profile based on its strong position in the domestic mutual-funds market as the second-largest domestic player, and from a well-diversified funds portfolio that generates a recurring flow of commission income (although this income is expected to remain below the peak levels seen
