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Rating Action:

Moody's reviews Deutsche Bank ratings for downgrade (snr Aa1)

19 Nov 2009

New York, November 19, 2009 -- Moody's Investors Service today placed on review for possible downgrade the long-term ratings of Deutsche Bank AG (deposits and senior debt at Aa1, bank financial strength at B), together with the long-term ratings of most of its subsidiaries. At the same time, the Prime-1 short-term ratings for the bank and its rated subsidiaries were affirmed.

"Moody's considers Deutsche Bank to be one of the stronger global financial institutions and recognizes that the bank has navigated its way to date through the financial crisis with fewer losses than a number of its peers," said David Fanger, Moody's Senior Vice President. The granularity and credit risk mitigation strategies implemented in its banking book provide resilience to the economic challenges the bank faces in many of the markets in which it operates. "However, the counterparty exposures arising from those risk mitigation strategies, combined with a greater risk appetite in its capital markets activities, left the bank more exposed to the negative impact the credit crisis had on financial markets," Mr. Fanger added. In Moody's opinion Deutsche Bank's credit profile has certain weaknesses which make the bank less well positioned as a B BFSR-rated financial institution. These areas, detailed below, will form the basis of the review:

- Moody's will assess Deutsche Bank's substantial reliance on capital markets activities and its risk appetite in this business going forward. It will also consider the bank's strategy for addressing the higher cost of capital for this business stemming from regulatory changes for market risk that will be rolled out by the end of 2010. "We expect further tightening of bid/ask spreads on a range of traded products to pressure returns in this business segment," Mr. Fanger noted. "This will pose additional challenges for Deutsche Bank, since at the same time market and economic conditions have also led to reduced earnings in several of the bank's other segments."

- Moody's will examine the risks to the bank associated with its sizable portfolio of illiquid structured assets, including significant notional exposures to the financial guarantor industry as well as a pool of reclassified assets consisting largely of failed underwritings and illiquid structured assets which the bank chose to retain rather than sell at depressed market values last year. The rating agency believes that these exposures may still leave Deutsche Bank exposed to potentially significant additional losses, especially if the financial guarantor counterparties, most of whom are now rated non-investment grade, are unable to satisfy their obligations.

- The review will encompass the recalibration of Deutsche Bank's BFSR in line with the expectation that, as with many other banks globally, Deutsche Bank will experience increasing deterioration in asset quality over the coming quarters, which is likely to lead to greater credit-related write-downs than previously anticipated in the ratings, and exerting negative pressure on profitability and capitalization. Further information is available in our Special Comment published today entitled "Moody's Approach to Estimating German Banks' Credit Losses" as well as similar Special Comments published on other countries previously.

- Moody's will also consider each of the above in relation to the bank's long-term capitalization strategy. Moody's notes positively that Deutsche Bank has boosted its Tier 1 ratio from 8.6% at the end of 2007 to 11.7% at the end of September 2009, although the bank's core Tier 1 ratio has increased more modestly from 6.9% to 8.1%. However, the rating agency believes that Deutsche Bank's capital ratios are likely to face further pressure from pending acquisitions, potential increases in loan-loss provisions, and a large increase in regulatory capital requirements for market risk.

SENIOR DEBT RATINGS AND HYBRID CAPITAL INSTRUMENTS

The long-term debt and deposit ratings of Deutsche Bank have included 2 notches of systemic support, given the bank's important role in the German economy, lifting the B BFSR (which maps to a baseline credit assessment of Aa3) to the Aa1 senior debt and deposit ratings. No change is envisaged to the amount of support to be incorporated into the senior or senior subordinated debt ratings as part of this review. Moody's does not anticipate the impact of the review on the ratings for deposits, senior or senior subordinated debt to exceed 1 or 2 notches.

Yesterday, Moody's placed on review for possible downgrade the ratings on Deutsche Bank's hybrid capital securities. Those securities are being reviewed in connection with the rating agency's revised methodology for rating bank hybrid capital securities. (See "Moody's Guidelines for Rating Bank Hybrid Securities and Subordinated Debt," released on November 17, 2009.) The revised methodology removes any ratings benefit due to systemic support for such instruments -- effectively making the baseline credit assessment (BCA) the "anchor" rating for notching these instruments. In addition, the methodology increased the downward notching for non-cumulative versus cumulative preferred securities. The review of the hybrid securities will be concluded at the same time as the review of the rest of Deutsche Bank's long-term ratings.

LAST RATING ACTION

The last rating action on Deutsche Bank was on December 5, 2008 when the outlook on the B BFSR and Aa1 senior debt and deposit ratings was changed to negative from stable.

The principal methodologies used in rating this issuer were Moody's "Bank Financial Strength Ratings: Global Methodology," published in February 2007 and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology" published in March 2007, available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.

Deutsche Bank AG, headquartered in Frankfurt, reported total assets of €1.66 trillion and total equity of €35.7 billion at the end of September 2009.

On Review for Possible Downgrade:

..Issuer: DB UK Bank Limited

....Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C

....Issuer Rating, Placed on Review for Possible Downgrade, currently Aa3

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Deutsche Australia Limited

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa1

..Issuer: Deutsche Bank AG

....Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently B

....Issuer Rating, Placed on Review for Possible Downgrade, currently Aa1

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa2, Aa1

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Deposit Program, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Deposit Note/Takedown, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Commercial Paper, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently a range of Aa2 to Aa1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa1

..Issuer: Deutsche Bank AG, London Branch

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently a range of Aa2 to Aa1

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently a range of Aa2 to Aa1

....Senior Unsecured Conv./Exch. Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

..Issuer: Deutsche Bank AG, New York Branch

....Senior Unsecured Deposit Note/Takedown, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa1

..Issuer: Deutsche Bank AG, New Zealand

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

..Issuer: Deutsche Bank AG, Paris Branch

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa1

..Issuer: Deutsche Bank AG, Singapore Branch

....Senior Unsecured Deposit Program, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Deposit Note/Takedown, Placed on Review for Possible Downgrade, currently Aa1

..Issuer: Deutsche Bank AG, Sydney Branch

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa2, Aa1

....Senior Unsecured Deposit Program, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Deposit Note/Takedown, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

..Issuer: Deutsche Bank Americas Finance LLC

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa1

..Issuer: Deutsche Bank Capital Finance Trust I

....Junior Subordinated Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Deutsche Bank Capital Funding Trust I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Deutsche Bank Capital Funding Trust IV

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Deutsche Bank Capital Funding Trust IX

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Deutsche Bank Capital Funding Trust V

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Deutsche Bank Capital Funding Trust VI

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Deutsche Bank Capital Funding Trust VII

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Deutsche Bank Capital Funding Trust VIII

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Deutsche Bank Capital Funding Trust X

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Deutsche Bank Capital Funding Trust XI

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Deutsche Bank Capital Trust III

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Deutsche Bank Capital Trust V

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Deutsche Bank Contingent Capital Trust II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Deutsche Bank Contingent Capital Trust III

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Deutsche Bank Contingent Capital Trust V

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Deutsche Bank Finance N.V.

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa2, Aa1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

..Issuer: Deutsche Bank Financial Inc.

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

..Issuer: Deutsche Bank Financial LLC

....Subordinate Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa1

..Issuer: Deutsche Bank National Trust Company

....Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C

....Issuer Rating, Placed on Review for Possible Downgrade, currently Aa3

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently Aa3

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Deutsche Bank Securities Inc

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A1, Aa3

..Issuer: Deutsche Bank Trust Company Americas

....Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C

....Issuer Rating, Placed on Review for Possible Downgrade, currently Aa3

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently Aa3

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A1, Aa3

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Deutsche Bank Trust Company Delaware

....Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C

....Issuer Rating, Placed on Review for Possible Downgrade, currently Aa3

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently Aa3

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Deutsche Bank Trust Corporation

....Issuer Rating, Placed on Review for Possible Downgrade, currently A1

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently a range of A2 to A1

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently a range of (P)A3 to (P)A1

....Subordinate Conv./Exch. Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

..Issuer: Deutsche Finance (Netherlands) B.V.

....Senior Unsecured Conv./Exch. Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

Outlook Actions:

..Issuer: DB UK Bank Limited

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Australia Limited

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank AG

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank AG, London Branch

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank AG, New York Branch

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank AG, New Zealand

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank AG, Paris Branch

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank AG, Singapore Branch

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank AG, Sydney Branch

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank Americas Finance LLC

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank Capital Finance Trust I

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank Capital Funding Trust I

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank Capital Funding Trust IV

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank Capital Funding Trust IX

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank Capital Funding Trust V

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank Capital Funding Trust VI

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank Capital Funding Trust VII

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank Capital Funding Trust VIII

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank Capital Funding Trust X

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank Capital Funding Trust XI

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank Capital Trust III

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank Capital Trust V

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank Contingent Capital Trust II

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank Contingent Capital Trust III

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank Contingent Capital Trust V

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank Finance N.V.

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank Financial Inc.

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank Financial LLC

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank National Trust Company

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank Securities Inc

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank Trust Company Americas

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank Trust Company Delaware

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Bank Trust Corporation

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Deutsche Finance (Netherlands) B.V.

....Outlook, Changed To Rating Under Review From Negative

New York
David Fanger
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

London
Johannes Wassenberg
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's reviews Deutsche Bank ratings for downgrade (snr Aa1)
No Related Data.
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