Fitch Ratings has affirmed the following money market funds (MMFs) managed by DWS International GmbH at 'AAAmmf'.

DWS Deutsche Global Liquidity Series p.l.c. - Deutsche Managed Sterling Fund

DWS Deutsche Global Liquidity Series p.l.c. - Deutsche Managed Euro Fund

DWS Deutsche Global Liquidity Series p.l.c. - Deutsche Managed Dollar Fund

KEY RATING DRIVERS

The affirmation of the MMF ratings are driven by the funds' high credit quality and diversification, high levels of daily and weekly liquid assets, and low exposure to interest-rate and spread risks. The ratings also reflect the capabilities and resources of DWS International GmbH as investment manager.

CREDIT RISK

The funds' Portfolio Credit Factor, a risk-weighted measure that considers the credit quality and maturity profile of the portfolio securities, met Fitch's 'AAAmmf' rating criterion of 1.5 or less throughout the review period.

LIQUIDITY RISK

The funds had at least 10% of total assets in securities offering daily liquidity and at least 30% of total assets in securities providing weekly liquidity consistent with the 'AAAmmf' rating range throughout the review period, save for a limited number of minor and temporary breaches for the sterling fund.

MARKET RISK

The funds' weighted average maturity and weighted average life were below 60 days and 120 days (the 'AAAmmf' rating range), respectively, throughout the review period.

FUND PROFILE

Fitch considers the legal and regulatory framework of the funds satisfactory. The Ireland-domiciled funds are sub-funds of the umbrella fund, DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c., an open-ended investment company that falls under the UCITS directive. The funds are authorised and supervised by Central Bank of Ireland as low volatility net asset value funds as defined in Regulation (EU) 2017/1131.

The funds' investment objectives are to remain liquid and seek a high level of current income, while preserving capital.

INVESTMENT MANAGER

The funds are managed by DWS International GmbH, a subsidiary of DWS Group GmbH & Co. KGaA, the asset management line of Deutsche Bank AG (BBB+/Positive/F2). DWS Group had EUR833 billion in assets under management as of end-October 2022, including EUR75 billion in cash products. Fitch considers DWS International GmbH to be suitably qualified, competent and capable of managing the rated funds

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade:

The ratings are at the highest on Fitch's scale and therefore cannot be upgraded.

Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade:

Fitch's stress-testing shows that the ratings are robust at their current levels. The ratings may be sensitive to material adverse changes in the credit quality, market risk or liquidity profile of the funds. A material adverse and sustained deviation from Fitch's guidelines for any key rating drivers could cause the ratings to be downgraded. For example, material negative credit developments (downgrades) in underlying portfolio holdings, or material unexpected redemptions could negatively affect the funds' risk profiles, potentially leading to downgrades.

RATING ACTIONS

Entity / Debt

Rating

Prior

DWS Deutsche Global Liquidity Series p.l.c - Deutsche Managed Dollar Fund

MMF

AAAmmf

Affirmed

AAAmmf

DWS Deutsche Global Liquidity Series p.l.c - Deutsche Managed Euro Fund

MMF

AAAmmf

Affirmed

AAAmmf

DWS Deutsche Global Liquidity Series p.l.c - Deutsche Managed Sterling Fund

MMF

AAAmmf

Affirmed

AAAmmf

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VIEW ADDITIONAL RATING DETAILS

Additional information is available on www.fitchratings.com

PARTICIPATION STATUS

The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer's available public disclosure.

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