Moody's trimmed the lender’s senior unsecured debt from Baa1 to Baa2 and kept its negative outlook. S&P Global cut credit outlook from stable to negative.
The prospect of another Russian gas supply cut knocked the euro lower on Tuesday, while dollar gains were tempered by mounting uncertainty over the U.S. Federal Reserve's policy-tightening path after this week's expected interest rate rise. European Union countries were preparing to approve an emergency proposal to curb gas demand, the prospect of which sent the single currency and German bond yields lower and hit German shares. "It's becoming a more mainstream view that the price to pay for supporting Ukraine against Russia will be gas rationing," said Rabobank senior strategist Lyn Graham-Taylor.
The Swiss franc rose on Wednesday to its highest level against the euro in four months as rising recession fear in the euro zone led investors to seek safe haven assets like the Swiss currency. The Swiss franc, rose 0.6% versus the euro to 1.0005 at 1210 GMT, after touching its highest level of 0.9993 against the single currency since March. Forecasts that the euro zone will likely drop into recession amid energy security issues triggered by the war in Ukraine has encouraged investors to buy the Swiss franc.