I know we all ignore rating agencies these days, but I couldn’t resist this. As part of its general review of bank credit ratings in the light of reduced sovereign support, Fitch has downgraded all the German Landesbanken. And it says some pretty damning things about them. They really are a ropy bunch. The only sound one among them is LBBW. The rest are undercapitalised, inefficient, infested with non-performing loans and risky exposures, and poorly profitable.