The programme documents for Deutsche Bank's Australian ABCP programmes - Cutlass Securitisation, Scimitar Securitisation, Spear Securitisation and Sword Securitisation - have been amended to lower the minimum short-term rating for supporting counterparties to A-1. The amendments follow the update to S&P's criteria for assessing counterparty risk and result in the ratings of the programmes being lowered to A-1 from A-1+.

At the same time, the rating agency removed the ratings from credit watch, where they were placed with negative implications on 18 January 2011 with the implementation of the new criteria.