Rating On Deutsche Bank's First To Default Issue Basket Off Watch Neg After Obligor Action Jun 07

Standard & Poors, June 2007

Abstract
LONDON (Standard & Poor's) June 21, 2007Standard & Poor's Ratings Services said today that it removed from CreditWatch with negative implications and affirmed its 'AA-' credit rating on the €10 million first to default issue basket credit-linked notes issued by Deutsche Bank AG. This rating action reflects the removal from CreditWatch negative of the 'AA-' long-term issuer credit rating on an underlying obligor in this transaction. Related information on Deutsche Bank's first to default issue basket transaction is available to subscribers of RatingsDirect, the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com. Alternatively, call Client Support Europe on (44) 20-7176-7176. Members of the media may contact the Press Office Hotline on (44) 20-7176-3605...

Companies mentioned in this report are:
- Deutsche Bank AG

Action: Affirmed
Action: Removed From CreditWatch

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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