Credit Watch

Following the appointment of the new Chief Executive Officer, Deutsche Bank's S&P credit ratings will be monitored.

Said S&P that the Bank's "A-" long-term credit assessment of issuers to credit monitoring, with adverse effects, reflects its assessment that the process of reorganisation could now take longer and be more costly than currently expected. It confirmed its credit standing for Deutsche Bank's junior bonds. Said S&P that Sewing and the senior executive staff have the necessary skills to implement the bank's reorganization, and added that they would be in a better position to evaluate management's strategies in the next few months once Sewing's priority is known.

"These changes could still serve as a stepping stone for the banks to achieve a sustained, solid and profitably viable banking franchise more quickly. From our point of vision, however, this also means that the banks will have to expand their efforts to restructure," S&P said. It said it would reach a decision on whether to lower Deutsche Bank's credit rating by the end of May at the latest, as soon as further information on the new management's strategic direction was available.

The Deutsche Bank said it respects S&P's choice and welcomed the agency's testimony, which shows confidence in the new management group. "We see that this credit monitoring is specifically related to our preference or structure prioritized bonds and that Deutsche Bank's other important credit assessments are being reaffirmed," she said.

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Standard & Poor's Tesco is now relying on credit monitoring.

This was not a great time for Tesco CEO Dave Lewis after he discovered a 250 million pound heavy dark patch on his record, had to temporarily suspended four senior managers, and was then exposed to degradation by a number of regulatory agencies who said they were "keeping an eye out. The rating firm Standard & Poor's (S&P) has now followed in the tracks of its competitor Moody's and put Tesco on a bad watch.

According to the company, its long-term company credit ratings "'BBB' and its short-term company credit ratings "A-2" were.... Testco on CreditWatch with adverse effects". In spite of new hires in the shape of Lewis himself and the new CFO Alan Stewart, formerly of Marks & Spencer, S&P added that S&P had downgraded its performance and performance ratings from "fair" to "satisfactory".

Currently, we consider Tesco's overall performance to be "strong" according to our own assessment, as the Group's UK franchise has decreased, but at 28% is far greater than the next competitor's franchise. Tesco's "strong" commercial exposure also mirrors the advantages of geographical diversity, particularly its footprint in Southeast Asia and Europe.

Following Tesco's withdrawal from the USA and the Chinese jointventure, however, we believe that the Group's global exposure will be less diversified. The fact that the order was adopted after the closure of the markets, which means that the stocks could not drop, as they have done in recent years. More than £2 billion has been deducted from the company's value since Monday - but the stock price today only ended 0.08 percent down.