Second hit for German banks as S&P swings the axe on sub debt
S&P followed in Moody’s footsteps on Monday, saying that it had downgraded German bank subordinated debt as a result of the implementation of Germany’s bank reorganisation act. S&P said in a statement that it had downgraded the debt between one and three notches. Moody's announced its own downgrade of German bank sub debt on February 17.
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