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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Deutsche Bank Aktiengesellschaft | NYSE:DB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.02 | 0.12% | 16.19 | 16.24 | 16.06 | 16.18 | 1,717,072 | 00:22:49 |
Moody's Investors Service on Monday downgraded Deutsche Bank AG's credit ratings, citing the bank's challenges in overhauling operations.
The rating firm—which cut the bank's senior unsecured debt rating to Baa2, two notches above junk territory—noted the weak financial performance of Germany's largest bank, along with low-interest rates and global financial uncertainty that would continue to pressure results going forward.
The bank's long-term deposit rating was also cut one notch to A3.
Moody's said Deutsche Bank "is unlikely to achieve its targeted profitability improvements unless there is a material and sustained improvement in the operating environment."
The bank, which last year recorded its first annual loss since 2008 on mounting legal and restructuring costs, has pledged to simplify its structure, lower risks and strengthen its capital base by 2020.
Last week, at the bank's annual shareholder meeting, Chief Executive John Cryan said it was too early to say whether the bank would end the year at a profit or loss.
The ratings assume a possible "modest loss and substantial" legal costs in 2016, Moody's said.
The bank said last week it had set aside €5.4 billion this year for legal costs.
On Monday, a U.S. appeals court reinstated civil antitrust lawsuits against 16 banks, including Deutsche Bank, for allegedly rigging Libor interest rates.
The London interbank offered rate, or Libor, is a widely used benchmark to determine interest rates on such things as mortgages and corporate loans.
Last year, the German bank pleaded guilty to criminal charges in the U.S. and paid a record $2.5 billion to settle U.S. and British investigations into the interest rate manipulation.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
May 23, 2016 18:55 ET (22:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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