Commerzbank Cut as Moody’s Lowers German, Austrian Banks
This article is for subscribers only.
Commerzbank AG, Germany’s second-largest bank, had its credit rating cut one level as Europe’s deepening debt crisis prompted Moody’s Investors Service to downgrade seven lenders in the nation and three in Austria.
Commerzbank, based in Frankfurt, was reduced to A3, Moody’s said in a statement today. A review of Deutsche Bank AG, the nation’s largest lender, will be concluded later, Moody’s said.