Fitch downgrades Deutsche Bank to BBB+

Fitch Ratings said it downgraded Deutsche Bank AG's long-term issuer default rating to BBB+ from A- and short-term issuer default rating to F2 from F1.

The outlook on the long-term issuer default rating is stable.

At the same time, the agency downgraded the bank's viability rating to bbb+ from a-.

All debt and deposit ratings were also downgraded by one notch.

The actions were taken in conjunction with Fitch's periodic review of the Global Trading and Universal Banks (GTUB), which comprises 12 large and globally active banking groups.

“The downgrades reflect continued pressure on Deutsche Bank's earnings, combined with prolonged implementation of its strategy,” Fitch said in a news release.

“We no longer expect revenue to demonstrate any clear signs of franchise recovery this year and we expect necessary further restructuring costs to continue to erode net income.”

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