The ratings on Deutsche Bank AG are based on the group's position as one of the most important financial institutions in Europe, and its strong market positions in selected areas of investment banking and asset management globally, as well as in retail and private banking in Germany and selected European countries. The ratings also reflect the diversity of the group's revenue and customer base, and its derived distribution strength. Moreover, the ratings are underpinned by an improved core capital position and sound risk management. These positive factors continue to be partly offset by Deutsche Bank's profitability levels after risk provisions and its cost structure, both of which compare somewhat unfavorably with other peers in the 'AA' rating category. Income streams
