Commerzbank AG (CBK), Germany’s second- largest bank, had its credit rating cut one level by Moody’s Investors Service, which cited the risk of fallout from Europe’s debt crisis in downgrading seven lenders in the nation.
Commerzbank, based in Frankfurt, was reduced to A3 from A2, Moody’s said today in a statement. A review of Deutsche Bank AG (DBK), the nation’s largest lender, will conclude later, Moody’s said.
Five other banks based in Germany were reduced, as was the German subsidiary of a company located outside Germany.
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