(15 June 2015 – Europe) Standard & Poor’s Rating Agency downgraded several United Kingdom and German banks on 10 June, citing uncertain government support as the reason behind the downgrades.
Germany’s Deutsche Bank and United Kingdom’s Barclays and Royal Bank of Scotland were downgraded to “stable” and Commerzbank was downgraded to “negative”.
Deutsche Bank, the largest German lender, has struggled to restore an image tarnished by a raft of regulatory and legal problems. The bank's co-chief executivess, Anshu Jain and Juergen Fitschen, resigned on 8 June.
Standard & Poor’s downgraded Barclays by one notch to “A negative” and Deutsche Bank to “BBB positive,” three notches above junk territory.
The agency also affirmed its ratings on Lloyds Bank and HSBC and said the outlooks are stable.