Moody’s lowers Deutsche Postbank

Moody's Investors Service said it downgraded the long-term deposit ratings of Deutsche Postbank AG to A3 from A2, along with the bank's long-term debt program rating to provisional Baa2 from provisional Baa1.

The downgrades were prompted by a downgrade of the ratings of its ultimate parent, Deutsche Bank AG, Moody’s said.

The agency also said it downgraded Deutsche Postbank's short-term debt and deposit ratings to prime-2 from prime-1.

Moody’s said it affirmed the company’s baseline credit assessment at Ba1 and downgraded its adjusted baseline credit assessment to Ba1 from Baa3.

The company also downgraded the bank's subordinated debt ratings to Ba2 from Ba1 and its counterparty risk assessment to A3(cr) and Prime-2(cr) from A2(cr) and prime-1(cr).

The agency also said it downgraded the backed junior subordinated debt issued by ProSecure Funding LP to Ba3(hyb) from Ba2(hyb).

The outlook is negative.

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