Standard & Poor's (S&P) decision to raise its outlook on Deutsche Bank on the back of cost cutting and credit risk management, has drawn criticism from analysts at rival German bank Dresdner Kleinwort Wasserstein (DrKW).

The rating agency changed its outlook on Deutsche's low double-A long-term rating on Thursday from negative to stable following the bank's progress in cutting costs, managing credit risk, trimming its loan portfolio and selling off low-margin assets. S&P cited a "significant recovery in operating performance in 2003 from the disappointing level seen in 2002". The other two Fitch and Moody's still have the bank on a stable low double-A rating.