Fitch Ratings on May 28 assigned BBB+/F2 long- and short-term issuer default ratings, with a stable outlook, to DB Privat- und Firmenkundenbank AG, the legal entity created by the merger between Deutsche Bank Privat- und Geschäftskunden AG and Deutsche Postbank AG.
The agency also assigned DB Privat- und Firmenkundenbank a viability rating of "bbb+," support rating of 5 and support rating floor of NF.
Fitch upgraded Postbank's long-term deposit rating to A- from BBB+ and affirmed its F2 short-term deposit rating. The ratings were removed from Rating Watch positive and were then reassigned to DB Privat- und Firmenkundenbank. The agency also withdrew Postbank's BBB+/F2 long- and short-term issuer default ratings and 2 support rating, as the entity no longer exists following the merger's completion.
The agency said DB Privat- und Firmenkundenbank's viability rating is the same as that of its parent Deutsche Bank AG to reflect the high degree of management and operational integration between them and DB Privat- und Firmenkundenbank's large size relative to Deutsche Bank. The fungible capital and liquidity between the parent and unit is another indication of high degree of indication, Fitch noted.
