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Fitch Affirms Deutsche Bank's TWD Bonds at 'AAA(twn)'
July 17, 2013 / 6:08 AM / 4 years ago

Fitch Affirms Deutsche Bank's TWD Bonds at 'AAA(twn)'

(The following statement was released by the rating agency) TAIPEI/SYDNEY, July 17 (Fitch) Fitch Ratings has affirmed Deutsche Bank AG Taipei Branch's (DB Taipei) outstanding TWD1bn October 2019 senior unsecured notes at National Long-Term 'AAA(twn)'. Key Rating Drivers The rating of DB Taipei's bonds is aligned with Deutsche Bank AG's Long-Term Issuer Default Rating (IDR) of 'A+', which is at the same level as Taiwan's sovereign rating, equivalent to 'AAA(twn)' on the National rating scale. This is based on Fitch's rating criteria on senior bond instruments of financial institutions. Rating Sensitivities The debt's National rating will be downgraded if Deutsche Bank AG's Long-Term IDR is downgraded to below Taiwan's sovereign rating of 'A+'. The latest rating action commentary on Deutsche Bank AG, dated 16 May 2013, is available at Contacts: Primary Analyst Sophia Chen, CFA, CPA Director +886 2 8175 7604 Fitch Ratings Limited, Suite 1306, 13F 205, Tun Hwa N. Rd. Taipei, Taiwan Secondary Analyst Jonathan Lee Senior Director +886 2 8175 7601 Committee Chairperson Tim Roche Senior Director +61 2 8256 0310 Media Relations: Hannah Huntly, London, Tel: +44 20 3530 1153, Email:; Wai Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: Note to editors: Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as 'AAA(twn)' for National ratings in Taiwan. Specific letter grades are not therefore internationally comparable. Additional information is available at Applicable criteria, "Global Financial Institutions Rating Criteria", dated 15 August 2012, and "National Rating Criteria", dated 19 January 2011, are available at Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here National Ratings Criteria here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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