Ratings

Ratings Deutsche Bank AG

Moody's Investors Service

Bank RatingsRatingLast rating changeOutlook
Counterparty Risk

long-term

short-term

A1(cr)

P-1(cr)

October 12, 2022

August 04, 2021

Deposits

long-term

short-term

A1

P-1

October 12, 2022

August 04, 2021

Stable (October 12, 2022)

Issuer Rating long-term A1 October 12, 2022 Stable (October 12, 2022)
Baseline Credit Assessment baa2 October 12, 2022
Issue Ratings
Pfandbrief Aaa
'Preferred' senior unsecured debt(1)

long-term

short-term

A1

P-1

October 12, 2022

August 04, 2021

Stable (October 12, 2022)

'Non-preferred' senior unsecured debt(2) long-term Baa1 October 12, 2022
Non-deferrable dated subordinated (Tier 2) Baa3 October 12, 2022
Additional Tier 1 Ba2 October 12, 2022

(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 Q3 2022 results (October 26, 2022)
Moody’s credit opinion following rating action (October 13, 2022)
Moody’s upgrades Deutsche Bank's long-term ratings, Outlook Stable (October 12, 2022)

Standard & Poor's

Bank RatingsRatingLast rating changeOutlook
Stand-Alone Credit Profile bbb November 24, 2015
Issuer Credit Rating

long-term

short-term

A-

A-2

November 9, 2021

June 9, 2015

Stable (November 9, 2021)

Issue Ratings
'Preferred' senior unsecured debt(3) long-term A- November 9, 2021
'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 update on Deutsche Bank (November 30, 2022)
S&P issuer comment on Q2 2022 results (July 27, 2022)
S&P full report on Deutsche Bank (May 24, 2022)

Fitch Ratings

Bank RatingsRatingLast rating changeOutlook
Derivative Counterparty Rating A- (dcr) September 23, 2021
Deposits

long-term

short-term

A-

F2

September 23, 2021

June 7, 2019

Issuer Default Rating

long-term

short-term

BBB+

F2

September 23, 2021

June 7, 2019

Positive (September 13, 2022)

Viability Rating bbb+ September 23, 2021
Issue Ratings
'Preferred' senior unsecured debt(5)

long-term

short-term

A-

F2

September 23, 2021

June 7, 2019

'Non-preferred' senior unsecured debt(6) long-term BBB+ September 23, 2021
Non-deferrable dated subordinated (Tier 2) BBB- September 23, 2021
Additional Tier 1 BB September 23, 2021

(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 update on Deutsche Bank (November 25, 2022)
Fitch update on Deutsche Bank (September 29, 2022)
Fitch affirms Deutsche Bank at 'BBB+'; Outlook Positive (September 13, 2022)

DBRS Ratings

Bank RatingsRatingLast rating changeOutlook
Critical Obligations Rating

long-term

short-term

A(high)

R-1(middle)

July 7, 2016

September 29, 2015

Positive (July, 1 2022)

Stable (June 6, 2017)

Deposits

long-term

short-term

A(low)

R-1(low)

July 7, 2016

September 29, 2015

Positive (July, 1 2022)

Stable (June 6, 2017)

Issuer Rating

long-term

short-term

A(low)

R-1(low)

July 7, 2016

September 29, 2015

Positive (July, 1 2022)

Stable (June 6, 2017)

Intrinsic Assessment A(low) May 9, 2018
Issue Ratings
Senior debt

long-term

short-term

A(low)

R-1(low)

July 27, 2018

September 29, 2015

Positive (July, 1 2022)

Stable (June 6, 2017)

Senior non-preferred debt long-term BBB(high) July 27, 2018 Positive (July, 1 2022)


Latest Reports DBRS Ratings
DBRS on Q2 2022 results (July 27, 2022)
DBRS Rating Report (July 19, 2022)
DBRS confirms DB’s ratings, trend changed to positive (July 1, 2022)

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.