Moody's downgrades credit ratings of six German banks

Ratings agency Moody's has cut the credit ratings of six German banks and three in Austria.

The biggest bank affected was Commerzbank, Germany's second-biggest lender, which was cut from A3 to A2.

Moody's delayed a decision on the rating of Germany's biggest bank, Deutsche Bank.

"Today's rating actions are driven by the increased risk of further shocks emanating from the euro area debt crisis," Moody's said.

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