S&P Global Ratings cuts credit rating of Deutsche Bank AG, Bloomberg informs. It shows that efforts of bank’s new leader to revive the largest investment bank in Europe do not have success yet.

New strategy of Deutsche Bank assumes deeper restructuring of business model than was expected earlier. This is why despite of bank's management efforts to keep it profitable, bank will most likely show a long period of underperformance compared with its rivals that already finished restructuring. Based on these conclusions S&P rating was reduced to BBB+.

This decision can result in higher borrowing costs for the lender just in time when it decided to concentrate on Europe's local market.

Deutsche Bank shares closed at record low level on Thursday, when US regulators included US operations of the bank into problem banks' list.

S&P informed that rating outlook is stable.