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Press Release: S&PGR Downgrades Japan-Based Deutsche Securities; Otlk Stable

1 Jun 2018 8:35 am
 
 
The following is a press release from S&P Global Ratings: 
 
     -- On June 1, 2018, we lowered to 'BBB+' from 'A-' our long-term issuer 
credit rating on Deutsche Bank and removed the rating from CreditWatch 
negative. 
     -- We are lowering to 'BBB+' our long-term issuer credit rating on 
Japan-based Deutsche Securities and removing the rating from CreditWatch 
negative, following our rating actions on Deutsche Bank. We assess Deutsche 
Securities as a core operating company of the Deutsche Bank group. We are also 
affirming our short-term issuer credit rating on Deutsche Securities. 
     -- The outlook on the long-term rating on Deutsche Securities is stable, 
reflecting that on Deutsche Bank. 
 
TOKYO (S&P Global Ratings) June 1, 2018--S&P Global Ratings today said it has 
lowered to 'BBB+' from 'A-' its long-term issuer credit rating on Japan-based 
Deutsche Securities Inc. At the same time, we have affirmed our 'A-2' 
short-term issuer credit rating on the company. The outlook on the long-term 
rating is stable. 
 
Deutsche Securities is indirectly and fully owned by Germany-based Deutsche 
Bank AG. Our rating actions on Deutsche Securities today follow the same 
rating actions on Deutsche Bank, which we took on June 1, 2018 (see "Deutsche 
Bank Long-Term Rating Lowered To 'BBB+' On Elevated Strategy Execution Risks; 
Outlook Stable," published June 1, 2018). Under our group rating methodology, 
we view Deutsche Securities as highly integral to the Deutsche Bank group. 
Therefore, we assess Deutsche Securities as a core subsidiary of the group and 
our ratings on the company are equal to those on Deutsche Bank. 
 
The outlook on the long-term rating on Deutsche Securities is stable, 
reflecting that on the long-term rating on Deutsche Bank. We may consider 
upgrading Deutsche Securities if we raise the issuer credit rating (ICR) on 
Deutsche Bank. Conversely, we may consider downgrading Deutsche Securities if 
we lower the ICR on Deutsche Bank. We may also downgrade Deutsche Securities 
if we believe that it has become less integrated with the parent company or 
less likely to receive extraordinary support from its parent, which is 
possible if the business in Japan becomes less important to the group. 
 
RATINGS LIST 
Downgraded; CreditWatch/Outlook Action 
Deutsche Securities Inc. 
                           To                  From 
Issuer credit rating       BBB+/Stable/A-2     A-/Watch Neg/A-2 
 
RELATED CRITERIA 
     -- Group Rating Methodology, Nov. 19, 2013 
     -- Methodology For Linking Long-Term And Short-Term Ratings, April 7, 2017 
     -- Use Of CreditWatch And Outlooks, Sept. 14, 2009 
 
A Japanese-language version of this media release is available on S&P Global 
Research Online at www.researchonline.jp, or via CreditWire Japan on Bloomberg 
Professional at SPCJ <GO>. Certain terms used in this report, particularly 
certain adjectives used to express our view on rating relevant factors, have 
specific meanings ascribed to them in our criteria, and should therefore be 
read in conjunction with such criteria. Please see Ratings Criteria at 
www.standardandpoors.com for further information.  Complete ratings 
information is available to subscribers of RatingsDirect at www.capitaliq.com. 
All ratings affected by this rating action can be found on S&P Global Ratings' 
public website at www.standardandpoors.com. Use the Ratings search box located 
in the left column. 
 
Primary Credit Analyst: Shoki Nagano, Tokyo (81) 3-4550-8340; 
                        shoki.nagano@spglobal.com 
Secondary Contact: Kensuke Sugihara, Tokyo (81) 3-4550-8475; 
                   kensuke.sugihara@spglobal.com 
 
 
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(END) Dow Jones Newswires

June 01, 2018 04:35 ET (08:35 GMT)
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