Moody's downgrades Germany's Commerzbank but outlook is stable

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A company logo is pictured at the headquarters of Germany's Commerzbank AG in Frankfurt, Germany, February 13, 2020. REUTERS/Ralph Orlowski/

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FRANKFURT, June 30 (Reuters) - The credit rating agency Moody's on Thursday downgraded Commerzbank (CBKG.DE) by a notch and said the outlook was stable.

Moody's said Commerzbank's credit profile was "solidly positioned" but it cut the rating to A2 from A1 on technical grounds.

"The rating step has nothing to do with the fundamental development of the bank," Commerzbank said.

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Reporting by Tom Sims Editing by Chris Reese

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