Fitch downgrades DB, the market yawns
Fitch downgraded Deutsche Bank (DB) to BBB on Friday. Normally, a ratings downgrade is bad news for a bank, especially one like DB, where confidence is already fragile and where much of the bank's business revolves around trading activities that are funded in the short-term wholesale markets (and where counter-party risk is closely watched).
However, although the share price remains at an all-time low, it didn't budge on the news and there are no signs of additional stress in the debt markets.
Why is this?
The first point is