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Fitch lifts Deutsche Bank
Fitch Ratings said it upgraded Deutsche Bank AG's long-term issuer default rating to A- from BBB+, its senior preferred rating to A from A- and subordinated rating to BB+ from BB.
“The upgrades reflect the completion of Deutsche Bank's restructuring initiated in 2019, in particular the improvements in cost-efficiency and more balanced revenue mix and business profile, where we expect corporate and retail banking to provide sufficient buffers to absorb the inherent volatility from capital market activities. This resulted in an operating profit/risk-weighted assets (RWA) ratio of 1.5% in 2022, with adequate medium-term profitability prospects.
We also expect Deutsche Bank to maintain adequate capitalization and sound asset quality and liquidity metrics,” Fitch said in a press release.
The outlook is stable.
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