Deutsche Bank, Frankfurt

Deutsche Bank has dropped Standard & Poor’s from its Pfandbrief ratings, leaving its covered bonds rated by Moody’s. S&P withdrew its rating of the Pfandbriefe at the issuer’s request on 13 March after affirming them at AAA.

The mortgage Pfandbriefe were on stable outlook at S&P at the time of withdrawal. Moody’s rates them Aaa.

S&P’s rating of the covered bonds incorporated two unused notches of uplift from the issuer rating (A), taking into account a “low” assessment of asset-liability mismatch risk and Deutsche’s covered bonds being considered a Category 1 programme.

An official at the German bank declined to comment.