Ratings on Four Repon Transactions Lowered After Defaults of Reference Entities Mar 02

Standard & Poors, March 2002

Abstract
LONDON (Standard & Poor's) March 8, 2002--Standard & Poor's said today it lowered its ratings on several classes of notes issued by Deutsche Bank AG (AA/Stable/A-1+) under its Repon 14, 15, 16, and 17 securitizations following an increase in the expected default rate of each reference pool at all rating levels. At the same time, the ratings on two classes of notes and a senior credit default swap were affirmed (see list below). "The increased default rates were caused by a deterioration in the credit quality of the respective reference portfolios, reflected in the negative migration of ratings within the portfolios and the default of at least one reference entity in each case," said Stuart Nelson, a credit analyst at...

Companies mentioned in this report are:
- Deutsche Bank AG

Action: Various Rating Actions

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- Deutsche Bank AG

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