Summary: Deutsche Bank AG Jun 07

Standard & Poors, June 2007

Abstract
The ratings on Deutsche Bank AG are based on its very strong, diversified franchise in the corporate banking and securities business; its strongly improved profitability; and its strategy to contain credit and market risk exposures, as well as its diversified funding sources. This is partly offset by a higher sensitivity of earnings to financial-market conditions compared with more retail-oriented universal banks, a somewhat higher capital leverage compared with several U.S. broker peers, and the low profitability in areas of its asset-management operations. Deutsche Bank maintains solid positions in most areas of corporate and investment banking, underpinned by persistent top-tier positions in terms of revenues. Due to the highly diversified nature by products, clients, and geography, its franchise should demonstrate sound...

Companies mentioned in this report are:
- Deutsche Bank AG

Action: Review

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Deutsche Bank AG

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