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DBRS revises trend on long-term ratings of Germany's DZ Bank to positive

DBRS on June 1 confirmed DZ Bank AG's A (high) long-term issuer, deposits and senior debt ratings and revised the trend on these ratings to positive from stable.

The rating agency also confirmed the German lender's AA/R-1 (middle) long- and short-term critical obligations ratings and revised the trend on the ratings to positive. DZ Bank's R-1 (middle) short-term issuer, deposits and debt ratings were also confirmed, with the outlook on these ratings remaining stable.

DBRS confirmed the bank's intrinsic assessment and support assessment at A (high) and SA3, respectively.

The change in trend is based on DZ Bank's good track record in delivering solid profitability over the long term, its strong risk profile and sound levels of capital retention, according to DBRS. The positive trend also reflects the lender's progress in integrating WGZ Bank and the benefits that the merger is expected to bring to the group, the agency noted.