Negative rating actions prompt little movement in credit spreads

An Standard & Poor's (S&P) report released today, ‘Bank Industry Risk Analysis: Germany’, said the German banking sector was still suffering systemic stress and could see a further weak performance in 2003. Credit default swap spreads for Deutsche Bank, Dresdner Bank, HVB and Commerzbank debt protection have widened since September following negative research and rating changes for the German banking sector. But there was a limited reaction to the S&P report in the credit derivatives market

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