Ratings

Ratings

Ratings Deutsche Bank AG

Moody's Investors Service

Bank Ratings Rating Last rating change Outlook
Counterparty Risk A3 June 13, 2018 Review for upgrade
(May 17, 2021)
Deposits long-term


short-term
A3


P-2
May 23, 2016


May 23, 2016
Review for upgrade
(May 17, 2021)

Review for upgrade
(May 17, 2021)
Issuer Rating long-term A3 August 3, 2018 Review for upgrade
(May 17, 2021)
Baseline Credit Assessment ba1 May 23, 2016 Review for upgrade
(May 17, 2021)
Issue Ratings
Pfandbrief Aaa
'Preferred' senior unsecured debt(1) long-term


short-term
A3


P-2 
November 21, 2016


May 23, 2016
Review for upgrade
(May 17, 2021)

Review for upgrade
(May 17, 2021)
'Non-preferred' senior unsecured debt(2) long-term Baa3 August 3, 2018 Review for upgrade
(May 17, 2021)
Non-deferrable dated subordinated (Tier 2) Ba2 May 23, 2016 Review for upgrade
(May 17, 2021)
Additional Tier 1 B1 May 23, 2016 Review for upgrade
(May 17, 2021)

(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 issuer comment on Q2 2021 results (July 28, 2021)
Moody's issuer comment following sustainability deep dive (May 21, 2021)
Moody's Credit Opinion following review for upgrade (May 17, 2021)

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
Positive
(February 26, 2021)

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
Additional Tier 1 BB- February 26, 2021

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

Latest Reports Standard & Poor's
S&P bulletin following Q1 2021 results (April 28, 2021)
S&P upgrades Deutsche Bank ratings outlook to positive (February 26, 2021)
S&P bulletin following deep dive (December 9, 2020)

Fitch Ratings

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
Positive
(January 25, 2021)

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

BBB

June 7, 2019


Non-deferrable dated subordinated (Tier 2) BB+ March 27, 2020
Additional Tier 1 BB- October 12, 2020

(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 Rating
Fitch revises Deutsche Bank's outlook to positive (January 25, 2021)
Fitch upgrades Deutsche Bank’s AT1 instruments (October 12, 2020)
Fitch full rating report (July 15, 2020)

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 (July, 1 2021)

Stable (June 6, 2017)
Deposits long-term

short-term
A(low)

R-1(low)
July 7, 2016

September 29, 2015
Stable (July, 1 2021)

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

short-term
A(low)

R-1(low)
July 7, 2016

September 29, 2015
Stable (July, 1 2021)

Stable (June 6, 2017)
Intrinsic Assessment A(low) May 9, 2018 Stable (July, 1 2021)
Issue Ratings
Senior debt long-term

short-term
A(low)

R-1(low)
July 27, 2018

September 29, 2015
Stable (July, 1 2021)

Stable (June 6, 2017)
Senior non-preferred debt long-term BBB(high) July 27, 2018 Stable (July, 1 2021)


Latest Reports DBRS Ratings
DBRS full rating report (July 16, 2021)
DBRS revises Deutsche Bank's outlook to stable (July 1, 2021)
DBRS on Q1 2021 Earnings results (April 29, 2021)

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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