Fitch downgrades Deutsche Bank credit rating

Baku. 29 September. REPORT.AZ/ International rating company Fitch downgraded Deutsche Bank ‘s long-term issuer default rating 'BBB+' from 'A-'.

Report informs referring to Bloomberg, the bank’s outlook credit rating was affirmed as stable.

The agency explained the downgrading with that it will take some time before the bank will be able to deliver on earnings targets.

Some time ago, Deutsche Bank’s chief executive, John Cryan said gradually by preferring to serve legal persons, bank wants to transfer to soft development stage. New development strategy plan has been prepared for this purpose. John Cryan said that operations costs of Deutsche Bank in 2017 may go down.

Notably, a part of the State Oil Fund of Azerbaijan (SOFAZ) investment portfolio was given to the management of Deutsche Bank’s subsidiary, "Deutsche Asset & Wealth Management International GmbH."