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Fitch downgrades Deutsche Bank outlook, cuts Commerzbank

Reuters
·1-min read

FRANKFURT (Reuters) - Fitch has put Deutsche Bank <DBKGn.DE> on a negative credit outlook and cut the rating of Germany's second biggest listed lender Commerzbank <CBKG.DE> to BBB due to the coronavirus crisis.

The credit ratings agency also lowered its view of other German lenders, saying in a statement released on Monday that it "considers the risks to banks' credit profiles to be clearly skewed to the downside".

Fitch, which last year downgraded Deutsche Bank to BBB, said the negative outlook was due to "heightened near-term risks to the bank's earnings, capitalisation and additional execution risks to its restructuring".

The ratings agency said Deutsche Bank had been on track to meet its targets at the end of 2019, but that carrying out its turnaround plan had "become more challenging" in light of the coronavirus pandemic.

Deutsche Bank and Commerzbank both declined to comment.

(Reporting by Tom Sims; Editing by Alexander Smith)