We see operational and other nonfinancial risks as a material component of Deutsche Bank's risk profile. It appears on track in taking remedial action to strengthen its systems and controls, including its anti-financial crime framework. The RAC ratio was 10.1% at year-end 2022, but a February 2023 change in our economic risk assessment for Germany lowered it by 21 basis points on a pro forma basis. We expect the ratio will rise to 10.0%-10.5% at year-end 2025 but our capital and earnings assessment remains adequate and a neutral rating factor. This is because the projected ratio only marginally exceeds our 10% threshold and we consider that Deutsche Bank's capital, earnings, and financial flexibility metrics are not currently supportive of a
