11:28 PM EDT, 08/11/2026 (MT Newswires) -- Moody's Ratings started its coverage of Deutsche Pfandbriefbank (PBB.F) on Wednesday with Baa2/P-2 long- and short-term bank deposit and issuer ratings and a Baa2 long-term senior unsecured rating, with a negative outlook. The rating agency said it considered the ongoing strategic transformation, lending activities, financial profile, and environmental, social, and governance considerations of the specialized German commercial real estate lender in its ratings, as well as the results of an advanced loss given failure analysis. Meanwhile, Moody's attributed its negative outlook to a sluggish macroeconomic environment that limits recovery potential for exposures to commercial real estate. It expects the bank's liability structure to remain the same over the next 12 to 18 months.

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