FRANKFURT (dpa-AFX) - A downgrade of Deutsche Pfandbriefbank's (PBB) credit rating hit the commercial real estate financier's shares on Thursday. Down in last place in the second-line index SDax, they lost up to twelve percent to 3.84 euros, another record low. Most recently, the discount amounted to 8.5 percent.

The rating agency S&P now only rates the bank's creditworthiness as "BBB-" - down from "BBB" - with a negative outlook. This means that a further downgrade could be imminent. The credit analysts justified the move with the risk in the USA, where the bank is involved in the commercial real estate market. This is under pressure due to very high vacancy rates. With a credit rating of "BBB-", the Pfandbriefbank is only one notch above junk level.

The bank's problems in the US real estate market have been a headache for investors for some time. Attempts by the company to dispel doubts about its financial situation in view of high loan loss provisions have so far not worked. Speculators are putting additional pressure on the share price with bets on falling prices./ajx/mis