Affirmation reflects covered bond programme’s low credit risk profile and mitigation of residual risks with overcollateralisation. Withdrawal for commercial reasons.

Covered bond rating action follows corresponding action on Deutsche Bank’s issuer rating.

Cover pool support mitigates the negative impact of the issuer downgrade to BBB+.

Strong fundamental support for Deutsche Bank’s German mortgage covered bonds combined with a strong cover pool is likely to mitigate results of the bank’s placement under review by Scope.

Ratings are driven by the bank’s issuer rating and fundamental credit strength of German covered bonds, with strong legal framework and preferential treatment in resolution regime.