Fitch Ratings on Jan. 10 affirmed Aareal Bank AG's A-/F2 long- and short-term issuer default ratings and revised the outlook on the long-term rating to negative from stable.

At the same time, the rating agency affirmed the German lender's A/F1 long- and short-term deposit ratings, A- long-term senior unsecured rating, "bbb+" viability rating, 5 support rating, No Floor support floor rating and A(dcr) derivative counterparty rating.

The negative outlook on Aareal Bank's long-term rating is based on the increased uncertainty over whether the lender's qualifying junior debt buffer will be maintained sustainably at the level that Fitch views as sufficient to protect all of the bank's senior obligations from default.