Deutsche Bank credit rating cut by Moody's on overhaul struggle

[NEW YORK] Deutsche Bank AG had its credit rating cut by Moody's Investors Service, which said the German lender faces an increasing struggle to carry out its turnaround.

The bank's senior unsecured debt rating was lowered to Baa2 from Baa1, Moody's said Monday in a statement. That left the grade two levels above junk. The firm's long-term deposit rating fell to A3 from A2.

"All key ratings remain investment grade," Deutsche Bank's chief financial officer, Marcus Schenck, said in a statement.

"And they remain in 'A' territory in our counterparty risk assessment and long-term deposit rating, which are most important for our clients."

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