DBRS on July 8 downgraded Deutsche Bank AG's senior unsecured debt and depositratings to A (low) from A and its long-term critical obligations rating to A(high) from AA (low).

The agency also lowered the bank's intrinsic assessment to A(low) from A and confirmed its short-term debt and deposits ratings at R-1(low) and short-term critical obligations rating at R-1 (middle).

The trend on all ratings is now stable. The action concludesa review that started April 1.

DBRS attributed the downgrade to the "notablechallenges that Deutsche Bank faces in generating solid, sustainablereturns" when its regulatory capital levels have fallen to the low end ofits global peer group. The agency also expects the lender's earnings generationto remain restricted in the medium term, driven by the scale of the bank'srestructuring plans and the challenging operating environment.

The stable trend reflects the agency's view that DeutscheBank's ratings are now well-placed at the current level and its franchiseremains unimpaired.