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Deutsche Bank's Derivative Counterparty Rating (DCR) and long-term deposit and preferred senior debt ratings are one notch above the IDR because derivatives, deposits and structured notes have preferential status over the bank's large buffer of qualifying junior debt and statutorily subordinated senior debt.

The short-term deposit and preferred senior debt ratings have been downgraded to 'F2' to match the downgrade of the long-term ratings to 'A-', which is the lower of the two short-term ratings as there are no clear liquidity enhancements at instrument level.

SUPPORT RATINGS AND SUPPORT RATING FLOOR DEUTSCHE BANK Deutsche Bank's SR of '5' and Support Rating Floor (SRF) of 'No Floor' reflect our view that senior creditors cannot rely on receiving full extraordinary support from the sovereign in the event that it becomes non-viable.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES DEUTSCHE BANK AND SUBSIDIARIES Subordinated debt and other hybrid capital instruments issued by Deutsche Bank and its subsidiaries are all notched down from Deutsche Bank's VR in accordance with our assessment of each instrument's respective non-performance and relative loss severity risk profiles, and have been downgraded by one notch accordingly.

The issues are notched down twice for loss severity, reflecting poor recoveries as the instruments can be converted to equity or written down well ahead of resolution.

In addition, they are notched down three times for high non-performance risk, reflecting fully discretionary coupon omission.

(The following statement was released by the rating agency) LONDON, September 28 (Fitch) Fitch Ratings has downgraded Deutsche Bank AG's (Deutsche Bank) Long-Term Issuer Default Rating (IDR) to 'BBB ' from 'A-' and Short-Term IDR to 'F2' from 'F1'. At the same time, Fitch has downgraded the bank's Viability Rating (VR) to 'bbb ' from 'a-'.

All debt and deposit ratings have also been downgraded by one notch.

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We expect additional restructuring costs from the integration of Deutsche Postbank AG (Postbank) and from further necessary expenses on IT systems.Postbank's long-term deposit rating is equalised with the issuer's Long-Term IDR because Postbank does not have a sufficient qualifying subordinated and non-preferred senior debt buffer at entity level to provide a buffer above these in resolution.It has been placed on Rating Watch Positive to reflect our view that once it is merged with Deutsche Bank's retail banking subsidiary, we believe that the large buffer of qualifying junior debt and statutorily subordinated senior debt at Deutsche Bank would be available to protect depositors in its core domestic retail bank subsidiary in a resolution scenario.Deutsche Bank has a substantial buffer above this threshold (its end-June 2017 phased-in CET1 ratio was 14.86%).RATING SENSITIVITIES IDRs, VR, DCR, DEPOSIT AND SENIOR DEBT RATINGS DEUTSCHE BANK Successful completion of Deutsche Bank's restructuring together with sustainable improvement in earnings could result in an upgrade of the ratings provided risk appetite does not increase or the bank's liquidity profile does not weaken significantly to achieve this.

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