Moody's Lowers Outlooks on 17 German Sovereign Banks

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Moody's ratings agency changed its outlook on 17 German banks and several of their subsidiaries from Stable to Negative, the agency said late on Wednesday, amid growing worries about the eurozone's future.

Moody's ratings agency changed its outlook on 17 German banks and several of their subsidiaries from Stable to Negative, the agency said late on Wednesday, amid growing worries about the eurozone's future.

The agency downgraded its outlook on the long-term debt and deposit ratings or their long-term guaranteed debt obligations in banks, "whose ratings incorporate support from the German government and/or several German federal states or municipalities," Moody's said in a statement.

Among the banks whose ratings were lowered are KB Deutsche Industriebank and Deutsche Postbank.

Moody's attributed its actions this week - when it also downgraded the outlooks of Germany, the Netherlands and Luxembourg - to a number of key factors, including Greece's possible exit from the eurozone. It says even if Greece remains in the eurozone, there are increasing worries that Italy and Spain will need massive financial support.

 

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