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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.

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