Moody's cuts long-term deposit rating one notch to A3 from A2; outlook StableToday's rating action reflects the increased execution challenges Deutsche Bank faces in achieving its strategic plan.Deutsche Bank is engaged in a multi-year undertaking to simplify its businesses, fortify its controls, strengthen its balance sheet and stabilize its earnings. Once substantial progress has been made, Deutsche Bank will have a reduced risk profile, more balanced earnings and operate with more conservative levels of leverage. Accomplishing these objectives will be positive for Deutsche Bank's creditors, and the newly appointed management team is diligently attempting to execute this plan.However, the rating downgrade reflects increased risks to Deutsche Bank's ability to successfully execute this ambitious, creditor-friendly plan. Deutsche Bank's performance over the last several quarters has been weak, and substantial operating headwinds, including continuing low interest rates and macroeconomic uncertainty, will challenge the firm. These forces will likely result in periods of subdued customer volumes and revenues within Deutsche Bank's retail, asset management and institutional franchises, in Moody's view. Moody's expects that such revenue weakness could hinder or delay Deutsche Bank's ability to make progress on its plan, as this would be contingent on the firm's ability to balance the impact of plan-related expenses on its internal capital generation against the firm's growing regulatory capital requirements.