Moody’s Downgrade Hits German Banks

Moody’s ratings agency has downgraded seven of Germany’s banks today citing risks from the Euro crisis as the reason behind its decision. The region is still suffering from depression relating to certain countries’ sovereign and private debt issues. The problem looks without solution and so stable financial institutions proximal to the crisis are suffering as a result. The biggest among the banks downgraded was Commerzbank AG (ETR:CBR). That institution is Germany’s second biggest and so has the most to lose from the downgrade. The bank garners almost 30 percent of its income from its business in China. That won’t be…