The ratings on Deutsche Bank AG are based on the group's very strong and diversified franchise in the corporate banking and securities business, its strongly improved profitability, and its strategy to contain credit and market risk exposures, as well as its diversified funding sources. This is partly offset by a higher sensitivity of earnings to financial-market conditions compared with more retail-oriented universal banks, a somewhat higher capital leverage compared with several U.S. broker peers, and the low profitability in areas of its asset-management operations. Deutsche Bank maintains solid positions in most areas of corporate and investment banking, underpinned by persistent top-tier positions in terms of revenues. Due to the highly diversified nature by products, clients, and geography, its franchise should
