Fitch Assigns 'AAA(twn)' to Deutsche Bank's Bond Issue

2009-10-14

Fitch Ratings-Taipei/Hong Kong-14 October 2009: Fitch Ratings has today assigned a National Long-term rating of 'AAA(twn)' to the 10-year senior unsecured debts totaling TWD1bn issued by Deutsche Bank AG Taipei Branch (DB Taipei). The National Long-term rating assigned to the issue is in compliance with Fitch's criteria on senior bond instruments of financial institutions, and the mapping between the National and International rating scale.
DB Taipei's senior unsecured bonds carry a fixed coupon rate of 1.62% for the first three years, and floating rates thereafter. The issue will redeem 60% and 40% of par value at the end of the seventh and tenth year respectively from the issuing date, subject to the issuer's call option.

For a detailed credit profile on Deutsche Bank AG ('AA-'/'F1+'/Negative), please refer to Fitch's credit analysis report on the bank dated 2 October 2009.

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.

Contacts: Sophia Chen, Stephanie Liu, Jonathan Lee, Taipei, +886 2 8175 7600

Media Relations: Karen Cho, Hong Kong, Tel: +852 2263 9935, Email: karen.cho@fitchratings.com.

Additional information is available at www.fitchratings.com.

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