FILE PHOTO: The head quarters of Germany's largest business bank, Deutsche Bank, is photographed in Frankfurt, Germany, December 6, 2017. REUTERS/Kai Pfaffenbach/File Photo

FRANKFURT (Reuters) - Deutsche Bank DBKGn.DE has made good progress in its efforts to address regulatory concerns, a person familiar with the thinking of the European Central Bank said on Friday after Standard & Poor's downgraded its rating on the German bank.

“The bank has been making good progress over the past year to address its regulatory concerns,” the source said, requesting anonymity due to the sensitivity of the matter.

The European Central Bank is Deutsche Bank’s top supervisor.

“The bank now has a tighter management team, good capital and liquidity, and supervisors are reassured by the plans they see,” the source said.