The downgrade of Deutsche Bank credit rating as a consequence of:
A) higher restructuring cost
B) the latest news from the USA
In our point of view, this makes sense, since the impact has been minor, if not zero since the rating agencies are anyways always slower than the market.
We “like” these news since it puts even more pressure on the bank to get rid of the worst bank manager ever – the head of the SVB Dr. Paul Achleitner.