Ratings

Ratings

Ratings Deutsche Bank AG

Moody's Investors Service

Bank Ratings Rating Last rating change Outlook
Counterparty Risk Assessment A3 (cr) May 23, 2016 Stable
(affirmed December 27, 2016)
Deposits short-term


long-term
P-2


A3
May 23, 2016


May 23, 2016
Stable
(affirmed December 27, 2016)

Stable
(affirmed December 27, 2016)
Baseline Credit Assessment ba1 May 23, 2016 Stable
(affirmed December 27, 2016)
Issue Ratings
Pfandbrief Aaa Stable
(affirmed December 27, 2016)
'Preferred' senior unsecured debt (senior senior) A3 November 21, 2016 Stable
(affirmed December 27, 2016)
'Non-preferred' senior unsecured debt short-term


long-term
P-2


Baa2
May 23, 2016


May 23, 2016
Stable
(affirmed December 27, 2016)

Stable
(affirmed December 27, 2016)
Non-deferrable dated suordinated (Tier 2) Ba2 May 23, 2016 Stable
(affirmed December 27, 2016)
Tier 1 Legacy (Basel 2.5)


AT1 (Basel 3)
B1


B1
May 23, 2016


May 23, 2016
Stable
(affirmed December 27, 2016)

Stable
(affirmed December 27, 2016)

Standard & Poor's

Bank Ratings Rating Last rating change Outlook
Stand-Alone Credit Profile bbb November 24, 2015
Issuer Credit Rating BBB+ June 9, 2015 Credit Watch Positive (December 15, 2016)
Issue Ratings
Senior unsecured debt short-term

long-term
A-2

BBB+
June 9, 2015

June 9, 2015
Stable (December 15, 2016)

Credit Watch Developing (December 15, 2016)
Non-deferrable dated subordinated (Tier 2) BB+ November 24, 2015
Tier 1 Legacy (Basel 2.5)

AT1 (Basel 3)
B+

B+
February 11, 2016

February 11, 2016

Fitch Ratings

Bank Ratings Rating Last rating change Outlook
Derivative Counterparty rating A (dcr) December 12, 2016 Rating Watch Negative
(confirmed December 13, 2016)
Deposits short-term


long-term
F1


A
December 12, 2016


December 12, 2016
Rating Watch Negative
(confirmed December 13, 2016)

Rating Watch Negative
(confirmed December 13, 2016)
Viability Rating a- December 8, 2015 Rating Watch Negative
(confirmed December 13, 2016)
Issue Ratings
'Preferred' senior unsecured debt A (emr) December 12, 2016 Rating Watch Negative
(confirmed December 13, 2016)
'Non-preferred' senior unsecured debt short-term


long-term
F1


A-
May 19, 2016


December 8, 2015
Rating Watch Negative
(confirmed December 13, 2016)

Rating Watch Negative
(confirmed December 13, 2016)
Non-deferrable dated subordinated (Tier 2) BBB+ December 8, 2015 Rating Watch Negative
(confirmed December 13, 2016)
Tier 1 Legacy (Basel 2.5)


AT1 (Basel 3)
BB+


BB
December 8, 2015


December 8, 2015
Rating Watch Negative
(confirmed December 13, 2016)

Rating Watch Negative
(confirmed December 13, 2016)

DBRS Ratings

Bank Ratings Rating Last rating change Outlook
Critical Obligations Rating short-term

long-term
R-1 (middle)

A (high)
September 29, 2015

July 7, 2016
Stable

Negative Trend (October 7, 2016)
Deposits short-term

long-term
R-1(low)

A (low)
September 29, 2015

July 7, 2016
Stable

Negative Trend (October 7, 2016)
Intrinsic Assessment A (low) July 7, 2016 Negative Trend (October 7, 2016)
Issue Ratings
Senior unsecured debt short-term

long-term
R-1 (low)

A (low)
September 29, 2015

July 7, 2016
Stable

Negative Trend (October 7, 2016)

A credit rating is an assessment of the solvency or credit-worthiness of debitors and/or bond-issuers according to established credit review procedures. These ratings and associated research help investors analyse the credit risks associated with fixed-income securities by providing detailed information of the ability of issuers to meet their obligations. For the issuers of fixed income securities, credit ratings can provide greater market liquidity for their securities and reduced transaction costs. A rating is being continuously monitored. It enables investors to measure their investment risk.

Disclaimer:
The rating agency reports we have compiled constitute publicly accessible information. We have merely chosen to publish them on our website as an additional service for our shareholders and investors. These reports do not necessarily represent the opinion of Deutsche Bank AG, nor should they be seen as a recommendation to buy Deutsche Bank shares. Deutsche Bank accepts no liability for the completeness, timeliness, accuracy or selection of such information.