Fitch cuts Deutsche Bank Taipei notes

Fitch Ratings said it downgraded the national long-term rating on Deutsche Bank AG Taipei Branch's outstanding NT$400 million senior notes due October 2019 to A+(twn) from AA-(twn) following the downgrade of Deutsche Bank AG's long-term issuer default rating on June 7.

“The rating on DB Taipei's senior unsecured bonds is aligned with the credit profile of Deutsche Bank, which is equivalent to A+(twn) on the national rating scale,” the agency said in a news release.

“The bonds' national long-term rating reflects low default risk relative to issues within Taiwan due to expectation of strong support from its head office, if needed.”

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