Saying Deutsche Bank's restructuring plan faces substantial headwinds, Moody's downgraded the bank's unsecured debt and long-term deposit ratings.
China accounted for about half of global consumption of key base metals in 2014, suggesting significant risk for the industry, says Moody's.
Rating service says Hillview could pay off an $11.4 million legal judgment by issuing bonds and increasing taxes.
By demanding share buybacks and dividends, which are paid out of cash reserves, activists threaten debt repayments.
Recoveries by corporate bond investors usually increase after a peak in the default cycle. This time that isn't the case, says Moody's.
