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Standard & Poor's Assigns Preliminary Ratings to Deutsche Bank's Euro ABS.

LONDON, July 10 /PRNewswire/ --

Standard & Poor's today assigned its preliminary ratings to the euro 29.9 million floating-rate notes due July 2006 to be issued by Deutsche Bank AG (AA/Stable/A-1+) under its Repon 17 securitization (see list below).

The repayment of the class A, B, and C notes is an obligation of Deutsche Bank AG and is linked to the performance of a euro 175 million static reference portfolio of emerging market sovereign reference entities.

The preliminary ratings reflect the credit support in the form of subordination provided by the first loss piece, the credit risk of the reference portfolio, the review of the mechanics of the credit default swap, and the rating of an existing European medium-term note program.

A copy of Standard & Poor's complete presale report for this transaction is available on RatingsDirect, Standard & Poor's Web-based credit analysis system, at http://www.ratingsdirect.com. The report is also available on Standard & Poor's Ratings Services Web site at http://www.standardandpoors.com. Under Presale Reports, select Structured Finance, then Asset-Backed Securities, Standard & Poor's said. -- CreditWire

PRELIMINARY RATINGS ASSIGNED

Deutsche Bank AG (Repon 17 Securitization)

euro 29.9 Million Floating-Rate Notes Due July 2006

Class Rating Amount (Mil. EUR)

Senior credit default swap AAA N/A

A credit-linked notes AA 6.9

B credit-linked notes BBB 11.4

C credit-linked notes BB 11.6

Equity N.R. N/A

N.R.--not rated.

N/A--not applicable.
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Date:Jul 10, 2001
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