Deutsche Bank credit rating cut to AA- at Standard & Poor's

Last update: 8:07 a.m. EDT Aug. 1, 2008

By Simon Kennedy

LONDON (MarketWatch) -- Rating agency Standard & Poor's said Friday it has downgraded its long-term counterparty credit rating on Deutsche Bank (DE:514000 58.67, -0.83, -1.4%) to AA- from AA with a negative outlook. S&P said the cut followed Deutsche Bank's announcement of further write-downs and impairment charges totalling 2.3 billion euros ($3.6 billion) in the second quarter. "The downgrade reflects that we no longer consider Deutsche Bank's performance to be materially stronger than that of the leading peers in the currently difficult operating environment," S&P said.