S&P Cuts LT2 Subordinated Debt by Germany-Incorporated Banks

Standard & Poor’s Ratings Services lowered the ratings on lower Tier 2 subordinated debt issued by Germany-incorporated banks following a review of the country’s Bank Restructuring Act.

Commerzbank AG, Eurohypo AG, Deutsche Pfandbriefbank AG, Depfa Plc and Depfa ACS Bank had their ratings reduced by three notches, while the ratings on LT2 issues by Deutsche Bank AG, Deutsche Postbank AG and BHW Bausparkasse AG and Westdeutsche Immobilienbank were lowered by two notches.

The issuer credit ratings and other debt issue ratings on Germany-incorporated banks are not affected by the review, it said in a statement today.

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net

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