ShippingWatch

Moody's downgrades NordLB due to shipping exposure

Credit rating bureau Moody's has downgraded its rating of NordLB due to the bank's large exposure to the dire international shipping markets.

Moody's has lowered its credit rating of major German shipping bank NordLB. The bank's general rating is now A3, down from A2, according to an update from Moody's.

"NordLB's solvency will remain vulnerable to an extension of the current period of depressed freight rates for shipping firms globally even as it has started a process of de-risking and of bolstering problem loan provisioning levels," says Moody's VP Bernhard Held in a statement.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Pressure on supply chains eases for second month in a row

A ”normalization” of supply chains and the container market may be underway. July figures out of the US Federal Reserve in New York indicate that the Global Supply Chain Pressure Index has declined for the second month in a row.

Further reading

Related articles

Latest news

See all jobs