Moody’s says considering downgrading Deutsche Bank

Frankfurt: The international credit rating agency Moody’s said today it has placed the long-term debt and deposit rating of Deutsche Bank, Germany’s biggest bank, on review for possible downgrade.

Moody’s said in a statement it was reviewing the current A2 rating on Deutsche Bank’s supported long-term debt and deposit rating.

“The review for possible downgrade follows Deutsche Bank’s announcement of a 34-percent decline in net income for the first quarter of 2014,” said Moody’s analyst Peter Nerby.

“The first quarter is typically strong for Deutsche Bank and the earnings decline highlights the continuing obstacles facing the bank.”

Moody’s said if a downgrade were to occur “it would likely be limited to one notch.”