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
Deposits long-term


short-term
A3


P-2
May 23, 2016


May 23, 2016
Stable
(affirmed March 6, 2017)

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


'Non-preferred' senior unsecured debt(2) long-term Baa2 May 23, 2016 Negative 
(December 12, 2017)
Non-deferrable dated suordinated (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-senior unsecured bank rating at Moody‘s
(2) Defined as senior unsecured debt rating at Moody's

Latest Reports Moody's
Moody's quarterly credit opinion (December 19, 2017)
Moody's on Deutsche Bank's Q3 results (October 26, 2017)
Moody's assigns senior-senior unsecured bank debt ratings (November 21, 2016)

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
A-

A-2
March 28, 2017

June 9, 2015
Negative (March 28, 2017)

Emissionsratings
'Preferred' senior unsecured debt(3) long-term A- March 28, 2017
'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 subordinated at S&P

Latest Reports Standard & Poor's
S&P Full Rating Report (November 15, 2017)
S&P upgraded Deutsche Bank's ICR to A- (March 28, 2017)
Various Rating Actions Taken on Four Systemically Important German Banks (March 28, 2017)

Fitch Ratings

Bank Ratings Rating Last rating change Outlook
Derivative Counterparty rating A- (dcr) September 28, 2017

Deposits long-term


short-term
A-


F2
September 28, 2017


September 28, 2017


Issuer Default Rating long-term


short-term
BBB+


F2
September 28, 2017


September 28, 2017
Stable
(September 28, 2017)

Viability Rating bbb+ September 28, 2017

Issue Ratings
'Preferred' senior unsecured debt(5) A- September 28, 2017
'Non-preferred' senior unsecured debt(6) long-term

short-term
BBB+

F2
September 28, 2017

September 28, 2017


Non-deferrable dated subordinated (Tier 2) BBB September 28, 2017
Tier 1 Legacy (Basel 2.5)

AT1 (Basel 3)
BB

BB-
September 28, 2017

September 28, 2017


(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 on Deutsche Bank's Q3 results (October 30, 2017)
Fitch Banks Ratings Navigator: Deutsche Bank AG (October 23, 2017)
Fitch downgrades Deutsche Bank to "BBB+"; outlook stable (September 28, 2017)

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
Stable (June 6, 2017)

Stable (June 6, 2017)
Deposits long-term

short-term
A(low)

R-1(low)
July 7, 2016

September 29, 2015
Stable (June 6, 2017)

Stable (June 6, 2017)
Intrinsic Assessment A (low) July 7, 2016 Stable (June 6, 2017)
Issue Ratings
Senior unsecured debt long-term

short-term
A(low)

R-1(low)
July 7, 2016

September 29, 2015
Stable (June 6, 2017)

Stable (June 6, 2017)


Latest Reports DBRS Ratings
DBRS on Deutsche Bank's Q3 results (October 31, 2017)
DBRS rating report (June 14, 2017)
DBRS revises trend to stable (June 6, 2017)

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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