Moody’s Downgrades Credit Ratings of Six German Banks
June 6th, 2012Via: BBC:
Ratings agency Moody’s has cut the credit ratings of six German banks and three in Austria.
The biggest bank affected was Commerzbank, Germany’s second-biggest lender, which was cut to A3 from A2.
Moody’s delayed a decision on the rating of Germany’s biggest bank, Deutsche Bank.
“Today’s rating actions are driven by the increased risk of further shocks emanating from the euro area debt crisis,” Moody’s said.
The downgrade indicates that Moody’s thinks Germany would be hit if the euro crisis turned into a catastrophe, said BBC Berlin correspondent Stephen Evans.
“It brings the crisis in Southern Europe and Ireland closer to home in Germany,” he said.
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