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 Standard&Poor's expectation of a steady recovery in Deutsche Bank's profitability, which is still lagging that of many similarly rated international banks. Despite recent improvements in retail activities, Deutsche Bank's current performance continues to exhibit a relatively strong reliance on investment-banking activities, partly reflecting 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
