Fitch revises DZ Bank outlook to negative

Fitch Ratings said it revised the outlook for DZ Bank AG Deutsche Zentral-Genossenschaftsbank, and of more than 800 local bank members of Genossenschaftliche FinanzGruppe’s mutual support scheme, to negative from stable.

“The ultimate economic and financial market implications of the coronavirus outbreak are still unclear, but Fitch views the risks to banks’ credit profiles as clearly skewed to the downside, which has driven today’s rating actions. Fitch’s sector outlook for German banks was revised to negative in December 2019, and the coronavirus outbreak will put additional pressure on the banks’ earnings and asset quality,” said Fitch in a press release.

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