Standard & Poor’s this week followed in the footsteps of Moody’s, 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.
While the impact of the reorganisation law was priced in at the end of last year, the rating impact of some of the resolution regimes being put in place by various countries is slowly but surely starting to filter through, which could dim further the outlook for the
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