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The rating agency Standard & Poor’s downgraded Deutsche Bank’s credit rating from A to BBB+ on Friday due to worries about the bank’s ability to restructure its operations.

In April, S&P put Deutsche Bank on under supervision with “negative” outlook, saying that a sudden change in the CEO’s position could prolong the lender’s restructuring. The rating agency has questioned the ability of new CEO Christian Sewing to implement a plan to cut global investment banking by focusing on Europe and the local market after three consecutive years of loss.

“We see significant risks to management in implementing the updated strategy against the backdrop of the continuing unfavorable market context. We think that compared its rivals, Deutsche Bank will perform less well for some time”, says S&P.

The rating agency has confirmed that Deutsche Bank’s senior unsecured debt remains at the BBB level, which sent the bank’s stock price up by 3% on pre-trading after earlier it reached its lowest levels since September 2016.

“We appreciate the statement of the S&P that management is taking hard action to reduce the cost base and refocus its business to find a solution to the bank’s current weak profitability”, said Deutsche Bank.

At the same time, according to the European Central Bank, the German lender has made good progress in its efforts to resolve regulatory concerns over it.

“The Bank has made good progress over the past year to address regulatory concerns”, said a source from the ECB, asking for anonymity because of the sensitivity of the information. “The bank currently has a tighter management team, good capital and liquidity, and ECB [supervisors] are quiet about the plans they see”, adds the source.

Deutsche Bank AG is a German banking and financial services company headquartered in Frankfurt, Hesse, Germany. The bank is present in 58 countries with a large presence in Europe, the Americas and Asia.