Credit protection for German financial institutions remains stable

Moody's yesterday changed the outlook for its ratings on Allianz Group, and its subsidiary Dresdner Bank, to negative from stable following the announcement of disappointing third-quarter 2002 operating results. Yesterday, Moody's also maintained the negative ratings outlook on German banks. But the rating agency also said the renewed focus on profitability and strategic refocusing among German banks means that the country’s banks will not undergo a systemic crisis.Credit derivatives traders