Barely a day goes by at the moment without the once mighty deutsche bank taking at least one kick right where it hurts. I suppose last week's downgrades by Moody's of Deutsche's long-term deposit rating (from A2 to A3) and of its senior unsecured debt (from Baal to Baa2) barely registers on the Richter scale of knocks these days. And yet they may be the ones that will be hardest to forget, not least because they coincided with the Institute of International Finance's conference in Madrid where CEO John Cryan had to immediately pin on his finest grin and face his peers. His best retorts were merely, "we are very disappointed" and "we have enough capital to repay all of our debt four-times over".
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