06/06/2012 07:17 BST | Updated 06/06/2012 07:22 BST

Moody's Downgrades Six German And Three Austrian Banks

Ratings agency Moody's has downgraded the credit ratings of six German and three Austrian banks amid further turmoil in the eurozone, with official figures confirming zero growth in the region in the first quarter of 2012.

The ratings agency downgraded Germany's second biggest bank, Commerzbank, as well as DekaBank, DZ Bank, LBBW, Helaba and NordLB, warning of the risk to the lenders from "further shocks emanating from the euro area debt crisis."


Commerzbank was also put on negative outlook, with the ratings agency warning the bank was exposed to the eurozone crisis.

In Austria, UniCredit Bank Austria and Raiffeisen Bank International were downgraded as was Erste Group Bank.

Moody's said the Austrian bank also faced “increased risk of further shocks from the ongoing euro area debt crisis."

The downgrades comes amid a review by the ratings agency of 114 eurozone banks, with Moody's saying they would finish a review of Germany's largest lender, Deutsche Bank, later.

However the majority of German banks were given a stable outlook by Moody's, in marked contrast to Spain, where the country's Treasury minister Cristobal Montoro has called on the eurozone to help rescue its debt-laden banks.

The European Central Bank will make a decision about interest rates later on Wednesday.