Moody's downgrades seven GERMAN banks as Spain begs for help

Seven German banks have been downgraded by one of the most reputable rating agencies amid fears that eurozone debt will hit the country. Moody's said it would be cutting the rating of Germany's second biggest bank, Commerzbank AG, from A2 to A3 for the long term with a negative outlook. Moody's said its move was driven in part by 'the increased risk of further shocks emanating from the euro area debt crisis in combination with the banks' limited loss-absorption capacity.' Despite the downgrade, Germany's economy remains robust as other eurozone countries struggle, particularly Spain which has made an extraordinary plea for financial help to prop up its debt-laden banks.