OREANDA-NEWS. Fitch Ratings has downgraded the National Long-Term Rating on Deutsche Bank AG Taipei Branch's (DB Taipei) outstanding TWD1bn October 2019 senior unsecured notes to 'AA(twn)' from 'AA+(twn)' following the downgrade of Deutsche Bank AG on 8 December 2015 to 'A-' from 'A'.

KEY RATING DRIVERS
SENIOR DEBT

The rating on DB Taipei's bonds is aligned with the credit profile of Deutsche Bank AG (A-/ Stable), which is equivalent to 'AA(twn)' on the National Rating scale. This is based on Fitch's rating criteria on senior bond instruments of financial institutions.

RATING SENSITIVITIES
SENIOR DEBT

Any rating action on Deutsche Bank AG could trigger a similar move on the debt's National Rating.