Dec 28 - Fitch Ratings has assigned Deutsche Bank AG London Branch's USD6.6m callable
exchangeable notes due 20 December 2019 (ISIN US25152RAW34) an 'A+emr' rating. The notes are
linked to the common stock of EMC Corporation.
The rating reflects Fitch's opinion of Deutsche Bank's ability of to meet all
obligations under the notes including timely and full interest payments,
repayment of the face amount at maturity or in the event the note is called, and
payment of any obligations under the investor's exchange right. The 'emr'
subscript signals that any amount received by the investor beyond the principal
value and coupon payments is market linked.
The notes are rated at the same level as Deutsche Bank's Long-term Issuer
Default Rating (IDR) and their rating is therefore sensitive to changes in the
bank's Long-term IDR. For the key sensitivities of Deutsche Bank's ratings, see
'Fitch Affirms Deutsche Bank at A+/Stable' dated 10 October 2012 at