The ratings on Deutsche Bank AG are based on the group's strong and diversified business profile, focused strategy, conservative risk appetite, and solid capital base. They also reflect, however, that Deutsche Bank's profitability is still lagging that of many similarly rated international banks and continues to exhibit a relatively strong reliance on investment-banking activities, which partly reflects the more difficult domestic banking environment. Deutsche Bank is one of the most important financial institutions globally, with a comprehensive range of products, and strong market positions in almost all key areas of corporate and investment banking, and asset management. Combining these factors with the rigid implementation of cost-cutting initiatives, business portfolio measures, and credit exposure reductions in 2002 and 2003, makes Standard
