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Shipping affects HSH Nordbank's rating

Moody's has downgraded German HSH Nordbank's long and short term rating, says the bank in a statement. The rating bureau is particularly worried about further losses from the bank's shipping portfolio.

Photo: Harry J. Storms, AP

German HSH Nordbank takes yet another hit from its shipping portforlio as Moody's adjusts the bank's rating down a notch, says the bank in a statement on its website. This puts the bank's long term rating at 'Baa3' while its short term rating was also lowered, to 'Prime-3', though with a stable outlook.

The downgrading is mainly a result of the rating bureau's expectations of further possible losses due to the current market situation, in particular, losses that could come as a result of the bank's exposure to the shipping sector.

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