Belgian bank reveals CDO losses to near €1bn

Belgium's biggest bank, KBC Group, has warned that it will report €900m ($1.2bn) in additional losses related to complex credit holdings, putting itself under further earnings pressure following its third quarter loss and acceptance of a government bailout.

The credit losses, announced this morning, stem from a large amount of downgrades by ratings agency Moody's carrying on collateralised debt obligations over recent month.

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