S&P lowers Deutsche Bank

S&P said it lowered its long-term issuer credit ratings on Deutsche Bank AG and its core subsidiaries to BBB+ from A- and removed the ratings from CreditWatch negative.

The outlook is stable.

At the same time, the agency affirmed the A-2 short-term issuer credit ratings and the trAAA/A-1 Turkish national scale ratings.

The agency also affirmed the issue credit ratings on all the hybrid instruments issued or guaranteed by the bank, including the BBB- rating on the bank's senior subordinated debt instruments.

“The lowering of our long-term issuer credit rating reflects that Deutsche Bank's updated strategy envisages a deeper restructuring of the business model than we previously expected, with associated non-negligible execution risks,” S&P said in a news release.

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