April 23, 2020 / 7:02 PM / a month ago

S&P cuts Commerzbank rating, revises outlook for Deutsche Bank to negative

FRANKFURT, April 23 (Reuters) - The credit agency S&P said on Thursday that it had cut Commerzbank’s credit rating by a notch and lowered its outlook for Deutsche Bank to negative from stable.

The steps were part of a sweeping move by S&P for multiple German lenders.

“We expect bank earnings, asset quality, and in some cases, capitalization, to weaken meaningfully through year-end 2020 and into 2021,” S&P said in a statement. (Reporting by Tom Sims)

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