OREANDA-NEWS. Fitch Ratings has assigned Deutsche Bank AG's (DB, A-/Stable/F1) USD18bn commercial paper (CP) programme issued from the bank's Cayman Islands Branch a Short-term rating of 'F1'.

KEY RATING DRIVERS

The programme rating is aligned with Deutsche Bank AG's Short-Term Issuer Default Rating (IDR) of 'F1'. We expect the notes proceeds will be used to fund DB's operations. In Fitch's opinion, potential transfer and convertibility restrictions related to the Cayman Islands are either not material, or are sufficiently mitigated by Fitch's expectation that Deutsche Bank would use branch assets placed outside Cayman Islands or non-branch assets to service the notes, if needed.

DB's Short-Term IDR and Short-term debt rating of 'F1' are the higher of the two Short-Term IDRs that map to an 'A-' Long-Term IDR on our rating scale and reflect our view that DB's liquidity profile is strong for the bank's Long-Term IDR rating range. DB's liquidity reserves are ample and the bank's funding profile is well-diversified by geography, product and customer base.

RATING SENSITIVITIES

The programme rating is primarily sensitive to changes to DB's Short-Term IDR.