June 5, 2012 / 11:47 PM / 5 years ago

Moody's cuts ratings of some German banks

June 6 (Reuters) - Moody’s Investors Service cut the credit ratings of several German banks on Wednesday, citing increased risk of further shocks emanating from the euro zone debt crisis and their limited loss-absorption capacity.

The banks included the New York and Paris branches of Commerzbank, Germany’s second-largest lender.

“As a result, the long-term debt and deposit ratings for six groups and one German subsidiary of a foreign group have declined by one notch, while the ratings for one group were confirmed,” it said.

Moody’s said the ongoing rating review for Deutsche Bank AG and its subsidiaries will be concluded together with the reviews for other global firms with large capital markets operations.

Reporting by Ian Chua; Editing by Paul Tait

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