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Moody's withdraws Deutsche Postbank's ratings following merger

Moody's on June 1 withdrew Deutsche Postbank AG's A3/P-2 long- and short-term bank deposit ratings, "ba1" baseline and adjusted baseline credit assessments and A3(cr)/P-2(cr) long- and short-term counterparty risk assessments and assigned the ratings to DB Privat- und Firmenkundenbank AG, the entity created by the merger of Deutsche Bank Privat- und Geschäftskunden AG and Deutsche Postbank.

Deutsche Postbank ceased to exist as a separate legal entity following the merger, which prompted the withdrawal, the rating agency noted.

The outlook on DB Privat- und Firmenkundenbank AG is negative, mirroring that of ultimate parent Deutsche Bank AG, as Moody's assumes the creditworthiness of both firms to be closely linked.