S&P ups Deutsche Bank

Standard & Poor's Ratings Services raised its long-term counterparty credit rating on Deutsche Bank AG and its core operating entities to AA from AA-. S&P affirmed the A-1+ short-term ratings.

The issuer's senior unsecured debt was upgraded to AA from AA- and its subordinated debt to AA- from A+.

The outlook is stable.

The upgrade reflects Deutsche Bank's performance across all business lines and its credit and market risk profile since 2002, S&P said.

The ratings reflect the company's diversified investment-banking franchise, strong management and overall sound earnings, the agency said.

The ratings are constrained by the cyclical sensitivity of profitability to capital markets conditions and still middling earnings levels in parts of its asset and wealth management activities, S&P said.

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