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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