Moody’s downgrades Sparkasse KoelnBonn’s debt ratings

Moody's Investors Service said it downgraded ratings for Sparkasse KoelnBonn.

Moody’s cut the bank’s senior unsecured medium-term note program to (P)A1 from (P)Aa3 and its junior senior unsecured debt to Baa1 from A3.

The downgrades were prompted by the decline in the outstanding volume of instruments designed explicitly to absorb losses in resolution, Moody’s said.

Moody’s affirmed the bank’s (P)Baa1 rating for its subordinate MTN program.

The agency revised its outlook to stable from negative.

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