TEXT-S&P rates Deutsche Bank covered bonds 'AAA'

(The following statement was released by the rating agency)

May 27 - Standard & Poor's Ratings Services has assigned a preliminary
'AAA' credit rating to the inaugural Hypotheken Pfandbrief (German
legislation-enabled mortgage covered bond) issuance to be issued by Deutsche
Bank AG (DB; A+/Stable/A-1). The mortgage covered bond will be drawn under DB's
EUR80 billion debt-issuance program.
The initial issuance is expected to be EUR1 billion, and depending on market
conditions, is expected to occur in Q2 2009. The mortgage covered bond will
constitute a senior-secured unsubordinated obligation and will, once issued,
rank pari passu with other obligations secured by the same cover register. The
notes and all other documentation relating to the program are governed by
German law.
German mortgage covered bonds can be backed by loans collateralized by
residential mortgage collateral, or loans backed by commercial real estate
(CRE) assets. While the composition of a cover pool is dynamic and can change,
DB will start its covered issuances with a cover pool that almost exclusively
comprises eligible CRE assets and only a small share of liquid substitute
collateral.
RELATED RESEARCH
-- Presale: Deutsche Bank AG (Covered Bonds) (published on May 27, 2009)
-- Standard & Poor's Ratingansatz fuer Covered Bonds und Pfandbriefe (published
on www.standardandpoors.com)
-- Expanding European Covered Bond Universe Puts Spotlight on Key Analytics
(published on July 16, 2004)
-- Assumptions: German Law Change Affects Mortgage Foreclosure Period Stresses
(published on Nov. 28, 2008)
-- Germany Farewells Mortgage Bank Act For New Covered Bond Act To Take Center
Stage (published on May 21, 2005)
-- All Covered Bonds Are Not Created Equal (published on Sept. 13, 2007)
-- Methodology & Assumptions: Applying The Derivative Counterparty Framework To
Covered Bonds (published on Feb. 26, 2008)

Related articles are available on RatingsDirect. Criteria, presales,
servicer evaluations, and ratings information can also be found on Standard &
Poor's Web site at www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176;
London Press Office (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49)
69-33-999-225; Stockholm (46) 8-440-5914; or Moscow (7) 495-783-4011.