S&P Global Ratings downgraded its outlook on Japan-basedDeutsche Securities Inc.'s long-term counterparty credit rating to negativefrom stable following a similar action on parent DeutscheBank AG.

S&P said July 20 that Deutsche Securities' ratings areequal with that of Deutsche Bank given its status as a core subsidiary of thegroup.

The rating agency also affirmed the securities firm's BBB+long-term and A-2 short-term counterparty credit rating.

Deutsche Securities' ratings could be downgraded if S&Plowers the group credit profile for the banking group or if DeutscheSecurities' link with its parent weakens and the likelihood of extraordinarysupport declines.

S&P could also revise theoutlook to stable if it makes a similar action on Deutsche Bank.        

S&P Global Ratings and S&P Global Market Intelligence are ownedby S&P Global Inc.