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Fitch: Deutsche Bank raises collateral after downgrade breaches rating triggers

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Fitch: Deutsche Bank raises collateral after downgrade breaches rating triggers

Deutsche Bank AG has raised additional collateral through a transaction backed by Dutch mortgages originated by Achmea Bank NV, according to Fitch Ratings.

Deutsche Bank needed to put up collateral within 14 days to remain as a counterparty for top-rated asset-backed debt, the agency said in a separate statement.

Fitch said the recent downgrade of the German lender resulted in a breach of certain structured finance counterparty triggers, as its current BBB+/F2 long- and short-term issuer default ratings are not sufficient for it to act as a direct support counterparty for AAAsf-rated structured finance notes.

The agency noted that the ratings can now only support ratings in the Asf category without providing collateral.