Deutsche Bank has some debt cut by Moody's to a step above junk

Deutsche Bank is "absolutely focused on changing the direction of our ratings," says von Moltke

Deutsche Bank had the credit rating of one type of debt cut by Moody’s Investors Service after a change in German law last month paved the way for a more senior kind of borrowing.
 

In a move that was widely anticipated, Moody’s downgraded the bank’s senior non-preferred debt to Baa3 — the lowest investment grade — from Baa2 and reclassified the bonds as “junior senior” debt. The government is now less likely to support what are currently senior notes, the ratings firm said in a statement Friday.
 

Deutsche Bank Chief Financial Officer James von Moltke, in a call with analysts