S&P acts on German banks

S&P said it took rating actions on various German banks, citing the effects of the coronavirus on their business.

“Notably, we lowered by one notch the long-term issuer credit on Commerzbank AG. We also lowered by one notch our issue ratings on its senior preferred instruments and its debt including subordinated and hybrid instruments, among them senior nonpreferred debt. We affirmed our short-term issuer credit ratings. The outlook is negative,” the agency said.

S&P also affirmed the long-term issuer credit rating on Deutsche Bank AG, Grenke AG, and members of Sparkassen-Finanzgruppe Hessen-Thueringen.

The agency also revised to negative from stable the outlook on Deutsche Bank, most of its branches and its core subsidiaries in Europe and the U.S.

S&P revised to negative from stable the outlook on Grenke.

S&P revised to negative from stable the outlook on members of SFHT including Landesbank Hessen-Thueringen Girozentrale.

S&P affirmed the long-term issuer credit rating on Deutsche Pfandbriefbank (pbb). The outlook remains negative.

“For Deutsche Bank, Grenke, Helaba and pbb, we also affirmed all issue ratings on senior preferred instruments and subordinated and hybrid instruments, including senior nonpreferred debt,” S&P said.

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