FRANKFURT, Germany (AP) — Ratings agency Standard & Poor's has downgraded Deutsche Bank's credit rating, saying the bank's turnaround strategy faces "execution risks" and will take time to show results.

The agency said in a statement Friday that management was taking "tough actions" but that "relative to peers, Deutsche Bank will remain a negative outlier for some time."

New CEO Christian Sewing acknowledged in a message to employees that "many of you are sick and tired of bad news" but assured them that the bank remains financially solid.

Deutsche Bank shares hit an all-time low on Thursday after reports that the U.S. Federal Reserve rated the condition of the bank's U.S. business as "troubled" about a year ago. Shares in Germany's biggest bank rose 2.6 percent Friday to 9.39 euros.