Ratings

Ratings

Ratings Deutsche Bank AG

Moody's Investors Service

Bank Ratings Rating Last rating change Outlook
Counterparty Risk A3 June 13, 2018
Deposits long-term


short-term
A3


P-2
May 23, 2016


May 23, 2016
Negative
(April 27, 2018)

Issuer Rating long-term A3 August 3, 2018 Negative
(August 3, 2018)
Baseline Credit Assessment ba1 May 23, 2016
Issue Ratings
Pfandbrief Aaa
'Preferred' senior unsecured debt(1) long-term

short-term
A3

P-2 
November 21, 2016

May 23, 2016
Negative
(April 27, 2018)
'Non-preferred' senior unsecured debt(2) long-term Baa3 August 3, 2018
Non-deferrable dated subordinated (Tier 2) Ba2 May 23, 2016
Tier 1 Legacy (Basel 2.5)

AT1 (Basel 3)
B1

B1
May 23, 2016

May 23, 2016


(1) Defined as senior unsecured debt rating at Moody‘s
(2) Defined as junior senior unsecured debt rating at Moody's

Latest Reports Moody's
Moody's on Investor Deep Dive (10 December 2019)
Moody's on Q3 2019 results (October 30, 2019)
Moody's semiannual update on Deutsche Bank (February 11, 2019)


Standard & Poor's

Bank Ratings Rating Last rating change Outlook
Stand-Alone Credit Profile bbb November 24, 2015
Issuer Credit Rating long-term

short-term
BBB+

A-2
June 1, 2018

June 9, 2015
Stable
(July 15, 2019)

Emissionsratings
'Preferred' senior unsecured debt(3) long-term BBB+ June 1, 2018
'Non-preferred' senior unsecured debt(4) long-term BBB- March 28, 2017
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


(3) Defined as senior unsecured at S&P
(4) Defined as senior subordinated at S&P

Latest Reports Standard & Poor's
S&P full annual rating report (October 29, 2019)
S&P affirms Deutsche Bank AG's ratings after strategic announcement (July 15, 2019)
S&P affirms Deutsche Bank ratings (May 24, 2019)
S&P on Commerzbank's and Deutsche Bank's end of talks (April 26, 2019)

Fitch Ratings

Bank Ratings Rating Last rating change Outlook
Derivative Counterparty rating BBB+ (dcr) June 7, 2019
Deposits long-term


short-term
BBB+


F2
June 7, 2019


June 7, 2019


Issuer Default Rating long-term


short-term
BBB


F2
June 7, 2019


June 7, 2019
evolving
(June 7, 2019)

Viability Rating bbb June 7, 2019
Issue Ratings
'Preferred' senior unsecured debt(5) long-term

short-term
BBB+

F2
June 7, 2019

June 7, 2019


'Non-preferred' senior unsecured debt(6) long-term

short-term
BBB

F2
June 7, 2019

June 7, 2019


Non-deferrable dated subordinated (Tier 2) BBB- June 7, 2019
Tier 1 Legacy (Basel 2.5)

AT1 (Basel 3)
BB-

B+
June 7, 2019

June 7, 2019


(5) Defined as senior preferred debt rating at Fitch
(6) Defined as senior non-preferred debt and senior unsecured programme ratings at Fitch


Latest Reports Fitch Ratings
Fitch full rating report
Fitch downgrades Deutsche Bank to BBB (June 7, 2019)
Fitch on Q1 2019 results (April 29, 2019)


DBRS Ratings

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

short-term
A(high)

R-1(middle)
July 7, 2016

September 29, 2015
Negative (May 9, 2018)

Stable (June 6, 2017)
Deposits long-term

short-term
A(low)

R-1(low)
July 7, 2016

September 29, 2015
Negative (May 9, 2018)

Stable (June 6, 2017)
Issuer Rating long-term

short-term
A(low)

R-1(low)
July 7, 2016

September 29, 2015
Negative (May 9, 2018)

Stable (June 6, 2017)
Intrinsic Assessment A(low) May 9, 2018 Negative (May 9, 2018)
Issue Ratings
Senior debt long-term

short-term
A(low)

R-1(low)
July 27, 2018

September 29, 2015
Negative (July 27, 2018)

Stable (June 6, 2017)
Senior non-preferred debt long-term BBB(high) July 27, 2018 Negative (July 27, 2018)


Latest Reports DBRS Ratings
DBRS on Q3 2019 results (October 31, 2019)
DBRS on restructuring plan (July 9, 2019)
DBRS Full Rating Report Deutsche Bank (May 20, 2019)




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.

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