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 Q3 2018 results (October 24, 2018)
Moody's: Deutsche Bank AG - post rating action update (August 14, 2018)
Moody's downgrades Deutsche Bank legacy senior debt to Baa3 following change in bank insolvency law and affirms A3 counterparty and deposit ratings (August 3, 2018)


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
(June 1, 2018)

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 on Q3 2018 results (October 24, 2018)
S&P downgraded Deutsche Bank's ICR to BBB+ (June 1, 2018)
S&P full rating report (November 15, 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
Negative
(June 21, 2018)

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 Full Rating Report on DB (December 14, 2018)
Fitch on Q3 2018 results (October 25, 2018)
Fitch revises Deutsche Bank's Outlook to Negative; Affirms "BBB+" (June 21, 2018)

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)
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: Senior Debt of 6 German banking groups downgraded by 1 notch with new legislation (July 27, 2018)
DBRS on Q2 2018 results (July 26, 2018)
DBRS rating report on Deutsche Bank AG (May 21, 2018)

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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