Fitch Ratings downgrades Deutsche Bank's Ratings
Fitch has downgraded Deutsche Bank’s Derivative Counterparty Rating and Long-term Senior Preferred Debt Rating from A- to BBB+. The rating agency has also downgraded the bank's non-preferred ratings to BBB, still in investment grade territory. Outlook is revised from ‘negative’ to “evolving”.
The agency believes Deutsche Bank's “ratings could over time benefit if the bank takes measures to strengthen its business model”. Fitch sees challenges around our ability to restore adequate and sustainable returns.
Deutsche Bank's statement:
We acknowledge the challenges identified by Fitch as they align with our own areas of focus. Management is committed to growing our core business and improving profitability. We are pleased that Fitch acknowledges Deutsche Bank’s strong capitalisation, funding, liquidity and asset quality.