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Moody's acts on 9 German banking entities

Moody's on Oct. 23 took ratings actions on nine German banking entities following a change in its assessment of Germany's macro profile to Strong (+) from Very Strong (-).

The rating actions reflect Moody's assessment of German banks' increasingly challenging profitability outlook amid an adverse interest rate environment and weaker economic growth outlook.

The agency downgraded Debeka Bausparkasse AG's long-term deposit ratings to Baa3 from Baa2. The bank's baseline and adjusted baseline credit assessments were downgraded to "ba1" from "baa3." The outlook on the long-term deposit ratings remains negative.

The agency changed the outlook on DZ Bank AG and Bausparkasse Schwäbisch Hall's long-term issuer and deposit ratings to negative from stable, while affirming the ratings at Aa1. DZ Bank's long-term senior unsecured debt rating and DVB Bank SE's long-term deposit rating were also affirmed at Aa1. The outlook on DVB Bank's long-term deposit rating was changed to negative from stable.

DZ Bank, Bausparkasse Schwäbisch Hall and DVB Bank's baseline and adjusted baseline credit assessments were affirmed at "baa2" and "a2," respectively.

Moody's changed the outlook on Bausparkasse Mainz AG's long-term deposit ratings to negative from stable, while affirming the rating at A2. The bank's baseline and adjusted baseline credit assessments were affirmed at "baa2."

The agency affirmed Kreissparkasse Köln and Münchener Hypothekenbank eG's Aa3 long-term issuer and deposit ratings, and changed the outlook on the ratings to negative from stable. Kreissparkasse Köln's baseline and adjusted baseline credit assessments were affirmed at "a3" and "a2," respectively. Meanwhile, Münchener Hypothekenbank's long-term senior unsecured debt rating was affirmed at Aa3 and its baseline and adjusted baseline credit assessments were affirmed at "ba1" and "baa1," respectively.

The rating agency affirmed Sparkassen-Finanzgruppe's Aa2 corporate family rating and changed the outlook on the rating to negative from stable. The company's baseline and adjusted baseline credit assessments were affirmed at "a2." In addition, the agency placed Sparkassenverband Baden-Württemberg's Aa2 long-term issuer rating on review for downgrade.