Fitch affirms Deutsche Bank Thai notes

Fitch Ratings (Thailand) said it affirmed the national rating on the up to Thai baht 140 million tranche 1/2004 of Thai structured notes maturing 2009 to be issued by Deutsche Bank AG's Bangkok Branch at long-term AAA(tha) with a stable outlook.

The notes constitute the first tranche of Deutsche Bank's Thai baht 25 billion structured medium-term note program to be issued in Thailand. The latter may include currency-linked, equity-linked and index-linked notes.

Fitch said the rating reflects Deutsche Bank's strong international ratings of AA-/F1+ with a stable outlook, which are currently three rating levels above Thailand's sovereign international local currency rating of A- positive outlook. Consequently, the national rating of AAA(tha) for the notes is the same as the Thai sovereign.

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