New York, July 7 (FinanceEnquiry.com) – Analysts at Moody’s Investors Service has downgraded the long term debt and deposit ratings of Deutsche Bank Trust Corporation (DBTC) and subsidiaries, including Deutsche Bank Trust Company Americans. The outlook on all the ratings have been stable.
In a research note published yesterday, the analysts state that the long term bank deposit and issuer ratings of Deutsche Bank Trust Company has been downgraded from Aa3 to A2 and the short term bank deposit ratings have been confirmed Prime1.
The long term bank deposit and issuer ratings of Deutsche Bank Trust Company Delaware has been downgraded from Aa3 to A2 and the short term bank deposit ratings have been confirmed at Prime1 and the issuer ratings of Deutsche Bank Trust Corporation has been downgraded from A1 to Baa1 and the subordinated debt ratings have been downgraded from A3 to Baa2.
DBTC is a US bank holding company fully owned by Deutsche Bank AG. DBTC owns Deutsche Bank Trust Company Americas and two smaller trust companies named DBNTC and DBTCD. The three trust companies have been engaged in private wealth management, corporate and personal trust and securities services, which Moody’s considered as closely integrated operationally. The downgrade of the long term debt and deposit ratings of DBTC and the two other companies indicates Moody’s downgrade of the ratings of Deutsche bank AG, the analysts say.
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This is a slow motion train crash as all the leaders of indebted Western Govts try to get growth - and with it inflation - to allow a 'soft' default on their debts.
We are in a period of Malthusian economics where the 3billion aspiring peoples of the BRICS are competing with 1 billion in the largely indebted West for de facto finite resources. We can't maintain, yet alone improve, our standard of living in these circumstances. Italy is starting to accept a decline in its economy but all heavily indebted Govts must start doing the same and look to managing their economies without growth.
The UK must take the hit with seperation of retail and investment banking which will inevitably lead to less revenues from the City casinos. It will take decades to change the culture of short term gain to longer term investment in manufacturing and home grown resources. The challenge is the interim transition with David Cameron's emphasis on being 'fair'.
We need to spell out to the UK citizens the true roadmap of austerity rather than risking hyperstagflation as the Coalition plays politics, obfuscating its responsibilities, allowing the BoE to continue monetizing their feckless spending. They probably calculate that the savers, pensioners and young unemployed will continue to take the pain whilst the Establishment including banksters and 'fatcats' stash as much booty as possible. The danger is that whilst indigenous Anglo Saxon spirit is to be stoical in the face of adversity, it will turn nasty with political and social breakdown as Cameron's 'fair' approach continues to reward the wrongdoers. Whilst Italy has the Mafia to deal with, the Establishment may find that hoards of angry Anglo Saxons are much more frightenning!
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