Moody's on Dec. 18 placed all the long-term ratings and rating inputs of Norddeutsche Landesbank Girozentrale and its rated units on review with direction uncertain.

The rated subsidiaries specifically include Deutsche Hypothekenbank AG, NORD/LB Luxembourg SA Covered Bond Bank and Bremer Landesbank Kreditanstalt Oldenburg-Girozentrale.

The agency also placed on review for downgrade the Prime-2 short-term debt and deposit ratings of Nord/LB and its rated subsidiaries.

The ratings action comes in the wake of the bank's Dec. 3 update on the bidding process to offer private investors a capital participation and on the sale of nonperforming shipping loans, possibly resulting in a temporary decrease of its capital ratios and a potential balance-sheet loss.

Moody's expects clarity on the success of planned measures to stabilize and recapitalize the bank within several weeks, and the uncertain direction takes into consideration the risk of failure or of material delay of the planned measures.