The rating agency Moody's downgraded Deutsche Bank AG’s credit ratings, citing the bank’s challenges in overhauling operations.

    The bank's debt was downgraded late Monday from Baa1 to Baa2, with a stable outlook. A Moody's statement cited weakness in recent earnings reports from Germany's largest bank, as well a wide-ranging overhaul announced last year. 

    Prevailing conditions in the financial industry, including low interest rates and other "operating headwinds", are only complicating Deutsche Bank's streamlining plans, Moody's said.