FRANKFURT, Dec 6 Reuters Three more divisions of the European real estate and retail group Signa filed for insolvency on Wednesday, another turn for the worse for the embattled Austrian company that has become the biggest casualty so far of Europe39;s property crash.

The divisions Signa Financial Services GmbH, Signa REM Germany Rent GmbH, and SCAx GmbH filed for insolvency with a court in Berlin, according to filings.

Controlled by Austrian magnate Rene Benko, Signa is an owner of New York39;s Chrysler Building as well as several highprofile projects and department stores in Germany, Austria and Switzerland.

The Viennabased holding company with debts of around 5 billion euros 5.4 billion  filed for insolvency last week in a dramatic stumble in the conglomerate39;s twodecade history that underscored the dimming prospects for the broader property sector.

Separately, the credit rating agency Moody39;s said Signa39;s insolvency is a drag on the credit quality and profitability at some Austrian, German and Swiss banks.

Calling Signa39;s structure opaque and complicated, Moody39;s said in a report on Wednesday that most of Signa39;s bank loans were secured, which would soften the blow.

However, the declining valuations of the underlying pledged assets … imply additional risks, increasing potential losses in the work out of defaulted loans, Moody39;s said.

Nonperforming loans and risk costs are likely to rise in the fourth quarter of this year, it said.

The…