Commerzbank AG http://www.alacrastore.com/company-snapshot/Commerzbank_AG-500165 Thursday, January 08, 2009 10:46:56 AM 500165 Commerzbank AG en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/80692spcred/80692normThe latest News from S&Pglobalstructuredpubfin1/8/2009 2:42:11 AM100News80692GermanyDiversified BanksAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsAsset-Backed Commercial PaperAsset-Backed SecuritiesResidential MBSCollateralized Debt ObligationsNewsLONDON -- Standard&Poor's CreditWire 12/3/97 -- Standard&Poor's today has affirmed its double-'A'-minus/'A-1+' ratings of Commerzbank and related entities (see list below). The outlook for the long-term ratings were changed to 'stable' from 'negative'. The outlook change reflects Commerzbank's successes in improving its asset quality, loan loss coverage, capitalization and core profitability over recent years. With total consolidated assets of DM 513.3 billion (US294.5 billion at DM 1.75 to US1) as of September 30, 1997, Commerzbank ranks among the four largest private banking groups in Germany. Commerzbank's asset quality has improved over recent years, and benefits from the relatively low-risk lending of its mortgage subsidiaries, accounting for about 30% of total loans. As the quality of itsDEUD158FH202597D158CA46630TD158JN40101010 401010 4010 40Commerzbank AG107128ASIAEMERGINGEUROMIDAFRLATAMERICAUSACBK@GRNEWSIRLLUXFRADEUUSA20260A20260B20260L44914PD3452ND3452PD3453A40101010 401010 4010 4040101015 401010 4010 4040203010 402030 4020 40Caisse Centrale de ReescompteCommerzbank International S.A.Commerzbank U.S. Finance Inc.Commerzbank Europe (Ireland)Hypothekenbank in Essen AG121473309328107492112496310956EUROMIDAFRUSA1009@ID221230Z@FP1008Z@GR1042Z@LX2468ZGLOBISSSTRUCPUBFINCORPFIABCPABSRMBSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/612632spcred/612632normThe latest News from S&Pglobalstructuredpubfin1/8/2009 2:41:56 AM100News612632GermanyDiversified BanksAsiaEmerging MarketsUnited StatesLatin AmericaEurope, Middle East, AfricaGlobal IssuersStructured FinancePublic FinanceFinancial InstitutionsCorporationsAsset-Backed SecuritiesCollateralized Debt ObligationsAsset-Backed Commercial PaperResidential MBSNewsFRANKFURT (Standard&Poor's) Nov. 12, 2007--Standard&Poor's Ratings Services said today it affirmed its 'A/A-1' long- and short-term counterparty credit ratings on Germany-based Commerzbank AG. The outlook is stable. The affirmation follows the bank's announcement to acquire the remaining 49% of Hypothekenbank in Essen (EssenHyp), which it does not already own, by January 2008. The affirmation also reflects a review of Commerzbank's third-quarter results. "The impact of the acquisition on Commerzbank's capital ratio is marginal," said Standard&Poor's credit analyst Stefan Best. "Although EssenHyp had already been integrated into Commerzbank's risk-management systems, we consider that clarity in EssenHyp's ownership structure will foster closer business integration into the Commerzbank group's public finance strategy and treasury operations," he added.DEUD158JN46630TD158CAD158FH20259740101010 401010 4010 40Commerzbank AG107128ASIAEMERGINGUSALATAMERICAEUROMIDAFRCBK@GRNEWSGLOBISSSTRUCPUBFINFICORPABSCDOABCPRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/612633spcred/612633normThe latest Research Update from S&Pglobalstructuredpubfin1/8/2009 2:41:56 AM175Research Update612633GermanyDiversified BanksEurope, Middle East, AfricaLatin AmericaUnited StatesEmerging MarketsAsiaGlobal IssuersStructured FinancePublic FinanceFinancial InstitutionsCorporationsAsset-Backed SecuritiesCollateralized Debt ObligationsAsset-Backed Commercial PaperResidential MBSResearch UpdateOn Nov. 12, 2007, Standard&Poor's Ratings Services affirmed its 'A/A-1' long- and short-term counterparty credit ratings on Germany-based Commerzbank AG. The outlook is stable. The affirmation follows the bank's announcement to acquire the remaining 49% of Hypothekenbank in Essen AG (EssenHyp), which it does not already own, by January 2008. The affirmation also reflects a review of Commerzbank's third-quarter results. The impact of the acquisition on Commerzbank's capital ratio is marginal. Although EssenHyp had already been integrated into Commerzbank's risk-management systems, Standard&Poor's considers that clarity in EssenHyp's ownership structure will foster closer business integration into the Commerzbank group's public finance strategy and treasury operations. Commerzbank's third-quarter pretax result slumped to €360 million as a result ofDEU202597D158FHD158CA46630TD158JN40101010 401010 4010 40Commerzbank AG107128EUROMIDAFRLATAMERICAUSAEMERGINGASIACBK@GRRESUPDDEU44914PD3452ND3452PD3453A40101015 401010 4010 40Hypothekenbank in Essen AG310956EUROMIDAFR1008Z@GRGLOBISSSTRUCPUBFINFICORPABSCDOABCPRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/572815spcred/572815normThe latest Summary from S&Pglobalstructuredpubfin1/8/2009 2:41:52 AM175Summary572815GermanyDiversified BanksAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinancePublic FinanceFinancial InstitutionsCorporationsAsset-Backed SecuritiesCollateralized Debt ObligationsAsset-Backed Commercial PaperResidential MBSSummaryThe ratings on Germany-based Commerzbank AG reflect its sound business profile and improved financial profile based on reduced credit risk and higher profitability levels. This is underpinned by the more favorable domestic economic environment with a cyclical upswing that is broader based and likely to be longer lasting than expected. The ratings are mainly constrained by Commerzbank's profitability, which compares unfavorably with higher rated peers, partially a result of the bank's concentration on the German market where industry risk is higher than in other European countries (for further information see the article entitled " Bank Industry Risk Analysis: German Banks Profit From Healthier Credit Environment," published on March 27, 2007, on Ratings Direct). Commerzbank has a solid franchise in GermanyDEUD158FH202597D158CA46630TD158JN40101010 401010 4010 40Commerzbank AG107128ASIAEMERGINGEUROMIDAFRLATAMERICAUSACBK@GRSUMMARYGLOBISSSTRUCPUBFINFICORPABSCDOABCPRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/568388spcred/568388normThe latest News from S&Pglobalstructuredpubfin1/8/2009 2:41:51 AM100News568388GermanyDiversified BanksAsiaUnited StatesEurope, Middle East, AfricaLatin AmericaEmerging MarketsGlobal IssuersStructured FinancePublic FinanceFinancial InstitutionsCorporationsAsset-Backed SecuritiesCollateralized Debt ObligationsAsset-Backed Commercial PaperResidential MBSNewsFRANKFURT (Standard&Poor's) March 22, 2007--Standard&Poor's Ratings Services said today it raised its long-term and short-term counterparty credit ratings on Germany-based Commerzbank AG and related core subsidiaries to 'A/A-1' from 'A-/A-2'. The outlook is stable. "The upgrade reflects Standard&Poor's raised level of confidence that Commerzbank's improved financial profile, based on reduced credit risk and higher profitability levels, can be sustained," said Standard&Poor's credit analyst Stefan Best. "This is underpinned by the more favorable domestic economic environment with a cyclical upswing that is broader based and likely to be longer lasting than expected." The current level of Commerzbank's earnings is satisfactory and the successfully managed turnaround of its business lines combined with a moreDEUD158JN46630TD158CA202597D158FH40101010 401010 4010 40Commerzbank AG107128ASIAUSAEUROMIDAFRLATAMERICAEMERGINGCBK@GRNEWSGLOBISSSTRUCPUBFINFICORPABSCDOABCPRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/546898spcred/546898normThe latest News from S&Pglobalstructuredpubfin1/8/2009 2:41:50 AM100News546898GermanyDiversified BanksUnited StatesLatin AmericaEurope, Middle East, AfricaEmerging MarketsAsiaGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsAsset-Backed Commercial PaperAsset-Backed SecuritiesCollateralized Debt ObligationsResidential MBSNewsFRANKFURT (Standard&Poor's) Nov. 22, 2006--Standard&Poor's Ratings Services said today it revised its outlook on Germany-based Commerzbank AG and related entities to positive from stable. At the same time, the long-term 'A-' and short-term 'A-2' counterparty credit ratings were affirmed. In addition, the long-term 'A-' and short-term 'A-2' counterparty credit ratings on Hypothekenbank in Essen AG (Essen Hyp) were affirmed and the outlook remains stable. "The outlook revision reflects Commerzbank's improved earnings trend, as a result of a successfully managed turnaround," said Standard&Poor's credit analyst Stefan Best. "The current level of Commerzbank's earnings is satisfactory due to stronger-than-expected improvements in the first nine months of 2006. Whether this upward trend can be sustained through theDEUD158JN46630TD158CA202597D158FH40101010 401010 4010 40Commerzbank AG107128USALATAMERICAEUROMIDAFREMERGINGASIACBK@GRNEWSGLOBISSSTRUCPUBFINCORPFIABCPABSCDORMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/515743spcred/515743normThe latest Summary from S&Pglobalstructuredpubfin1/8/2009 2:41:46 AM175Summary515743GermanyDiversified BanksEurope, Middle East, AfricaLatin AmericaUnited StatesEmerging MarketsAsiaPublic FinanceGlobal IssuersStructured FinanceAsset-Backed Commercial PaperAsset-Backed SecuritiesCollateralized Debt ObligationsResidential MBSCorporationsFinancial InstitutionsSummaryThe ratings on Germany-based Commerzbank AG reflect its turnaround following a prolonged restructuring, which is nearing completion, sound risk management, and the bank's domestic franchise among private and corporate customers. The primary negative rating factors remain the bank's improved but still modest core profitability and market position in a highly competitive and structurally difficult domestic market environment, and its limited franchise outside Germany, which confine the prospects for substantial revenue growth as long as economic growth remains subdued. In November 2005, the bank announced it would increase its stake in Eurohypo AG (A-/Stable/A-2) to about 98% from about 32%. Standard&Poor's Ratings Services believes that the financial risk of the transaction is consistent with the current ratings. Positive factorsDEU202597D158FHD158CA46630TD158JN40101010 401010 4010 40Commerzbank AG107128EUROMIDAFRLATAMERICAUSAEMERGINGASIACBK@GRSUMMARYPUBFINGLOBISSSTRUCABCPABSCDORMBSCORPFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/515742spcred/515742normThe latest Full Report from S&Pglobalstructuredpubfin1/8/2009 2:41:46 AM400Full Report515742GermanyDiversified BanksAsiaEmerging MarketsUnited StatesLatin AmericaEurope, Middle East, AfricaGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsAsset-Backed Commercial PaperAsset-Backed SecuritiesCollateralized Debt ObligationsResidential MBSFull ReportTurnaround through successful restructuring of business lines, Sound risk management, Solid franchise in Germany, and Increased diversity of earnings from acquisition of Eurohypo AG. Low market shares in low growth and highly competitive domestic market environment, Modest profitability, High exposure to domestic real estate markets and international commercial real estate lending, and Limited franchise outside Germany. The ratings on Germany-based Commerzbank AG reflect its turnaround following a prolonged restructuring, which is nearing completion, sound risk management, and the bank's domestic franchise among private and corporate customers. The primary negative rating factors remain the bank's improved but still modest core profitability and market position in a highly competitive and structurally difficult domestic market environment, and its limited franchise outside Germany, whichDEUD158JN46630TD158CAD158FH20259740101010 401010 4010 40Commerzbank AG107128ASIAEMERGINGUSALATAMERICAEUROMIDAFRCBK@GRFULLFRADEUIRLLUX44914PA1951YD3452ND3452PD3453AL3011K40101010 401010 4010 4040101015 401010 4010 4040203010 402030 4020 40Erste Europaeische Pfandbrief- und Kommunalkreditbank AGCaisse Centrale de ReescompteCommerzbank International S.A.Commerzbank Europe (Ireland)Hypothekenbank in Essen AG121473309328112496345840310956EUROMIDAFRUSA221230Z@FP1009@ID1096Z@LX1042Z@LX1008Z@GRGLOBISSSTRUCPUBFINCORPFIABCPABSCDORMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/475370spcred/475370normThe latest News from S&Pglobalstructuredpubfin1/8/2009 2:41:41 AM100News475370GermanyDiversified BanksUnited StatesLatin AmericaEurope, Middle East, AfricaEmerging MarketsAsiaGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsAsset-Backed Commercial PaperAsset-Backed SecuritiesResidential MBSCollateralized Debt ObligationsNewsFRANKFURT (Standard&Poor's) Nov. 16, 2005--Standard&Poor's Ratings Services said today it lowered its counterparty credit ratings on Eurohypo AG and EUROHYPO Europaeische Hypothekenbank S.A. to 'A-/A-2' from 'A/A-1'. At the same time, Standard&Poor's affirmed its 'A-/A-2' counterparty credit ratings on Commerzbank AG and related entities. The outlook on all entities is stable. The 'BBB+/A-2' counterparty credit ratings and positive outlook on Hypothekenbank in Essen AG remain unchanged, reflecting its sound stand-alone profile. The rating actions follow Commerzbank's announcement that it has agreed on all major points with Deutsche Bank AG (AA-/Stable/A-1+) and Dresdner Bank AG (A/Negative/A-1) to acquire their stakes of 37.7% and 28.5%, respectively, in Eurohypo. The transaction, which still requires the approval ofDEU46630TD158JND158CA202597D158FH40101010 401010 4010 40Commerzbank AG107128USALATAMERICAEUROMIDAFREMERGINGASIACBK@GRNEWSGLOBISSSTRUCPUBFINCORPFIABCPABSRMBSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/466214spcred/466214normThe latest Summary from S&Pglobalstructuredpubfin1/8/2009 2:41:40 AM175Summary466214GermanyDiversified BanksAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsAsset-Backed Commercial PaperAsset-Backed SecuritiesResidential MBSCollateralized Debt ObligationsSummaryThe ratings on Germany-based Commerzbank AG reflect its sound credit-risk management and the bank's domestic franchise among private and corporate customers, which provides it with a sound and diversified funding base and gradually improving earnings following a prolonged restructuring phase that is nearing completion. The primary negative rating factors remain the bank's still modest core profitability and market position in a highly competitive and structurally difficult domestic market environment as well as its limited franchise outside Germany, all of which confine the prospects for substantial revenue growth as long as economic growth remains subdued. The bank's overall sound asset quality has steadily improved and, barring any major surprises, provisioning needs in 2005 are expected to decline further to less thanDEUD158FHD158JN46630T202597D158CA40101010 401010 4010 40Commerzbank AG107128ASIAEMERGINGEUROMIDAFRLATAMERICAUSACBK@GRSUMMARYGLOBISSSTRUCPUBFINCORPFIABCPABSRMBSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/466213spcred/466213normThe latest Full Report from S&Pglobalstructuredpubfin1/8/2009 2:41:40 AM400Full Report466213GermanyDiversified BanksUnited StatesLatin AmericaEurope, Middle East, AfricaEmerging MarketsAsiaGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsAsset-Backed Commercial PaperAsset-Backed SecuritiesResidential MBSCollateralized Debt ObligationsFull ReportSound credit-risk management; Solid franchise in Germany; and Successful restructuring of core segments. Low growth and highly competitive domestic market environment; Modest profitability levels; and Limited franchise outside Germany. The ratings on Germany-based Commerzbank AG reflect its sound credit-risk management and the bank's domestic franchise among private and corporate customers, which provides it with a sound and diversified funding base and gradually improving earnings following a prolonged restructuring phase that is nearing completion. The primary negative rating factors remain the bank's still modest core profitability and market position in a highly competitive and structurally difficult domestic market environment as well as its limited franchise outside Germany, all of which confine the prospects for substantial revenue growth as long as economicDEUD158CA20259746630TD158JND158FH40101010 401010 4010 40Commerzbank AG107128USALATAMERICAEUROMIDAFREMERGINGASIACBK@GRFULLDEUFRALUXANTIRL44914PA1951YD3452ND3452PD3453AL3011K40101010 401010 4010 4040101015 401010 4010 4040203010 402030 4020 40Erste Europaeische Pfandbrief- und Kommunalkreditbank AGCaisse Centrale de ReescompteCommerzbank International S.A.Commerzbank Europe (Ireland)Commerzbank Overseas Finance N.V.Hypothekenbank in Essen AG121473309328129445112496345840310956EMERGINGEUROMIDAFRLATAMERICAUSA221230Z@FP1009@ID1008Z@GR1042Z@LX1096Z@LXGLOBISSSTRUCPUBFINCORPFIABCPABSRMBSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/463038spcred/463038normThe latest Summary from S&Pglobalstructuredpubfin1/8/2009 2:41:40 AM175Summary463038GermanyDiversified BanksAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsAsset-Backed Commercial PaperAsset-Backed SecuritiesResidential MBSCollateralized Debt ObligationsSummaryThe ratings on Germany-based Commerzbank AG reflect its sound credit-risk management and the bank's domestic franchise among private and corporate customers, which provides it with a sound and diversified funding base and gradually improved earnings following a prolonged restructuring process, which is nearing completion. The primary negative rating factors remain the bank's still modest core profitability and market position in a highly competitive and structurally difficult domestic market environment and its limited franchise outside Germany, all of which confine the prospects for substantial revenue growth as long as economic growth remains subdued. The bank's overall sound asset quality has steadily improved and, barring major surprises, provisioning needs in 2005 are expected to decline further to less than €750 million fromDEUD158FHD158JN46630T202597D158CA40101010 401010 4010 40Commerzbank AG107128ASIAEMERGINGEUROMIDAFRLATAMERICAUSACBK@GRSUMMARYGLOBISSSTRUCPUBFINCORPFIABCPABSRMBSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/441880spcred/441880normThe latest Summary from S&Pglobalstructuredpubfin1/8/2009 2:41:39 AM175Summary441880GermanyDiversified BanksAsiaUnited StatesLatin AmericaEurope, Middle East, AfricaEmerging MarketsGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsAsset-Backed Commercial PaperAsset-Backed SecuritiesResidential MBSCollateralized Debt ObligationsSummaryThe ratings on Germany-based Commerzbank AG reflect its sound credit-risk management, which compares favorably with many domestic peers, and the bank's domestic franchise among private and corporate customers, which provides it with a sound and diversified funding base. The ratings also reflect Commerzbank's steady progress in executing a range of strategic and cost-cutting initiatives, which are expected to allow it to further improve its profitability levels in 2005. The primary negative rating factors are the bank's still modest core profitability and market position in a highly competitive and structurally difficult domestic market environment. The bank's overall sound asset quality further improved in 2004 and, barring major surprises, provisioning needs in 2005 are expected to decline further to less than €800DEUD158JN46630TD158CA202597D158FH40101010 401010 4010 40Commerzbank AG107128ASIAUSALATAMERICAEUROMIDAFREMERGINGCBK@GRSUMMARYGLOBISSSTRUCPUBFINCORPFIABCPABSRMBSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/423978spcred/423978normThe latest Full Report from S&Pglobalstructuredpubfin1/8/2009 2:41:38 AM400Full Report423978GermanyDiversified BanksUnited StatesLatin AmericaEurope, Middle East, AfricaEmerging MarketsAsiaGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsAsset-Backed Commercial PaperAsset-Backed SecuritiesResidential MBSCollateralized Debt ObligationsFull ReportSound credit-risk management; Solid franchise in Germany; and Successful restructuring of core segments has started to bear fruit. Low growth and highly competitive domestic market environment; Modest profitability levels; and Limited franchise outside Germany. The ratings on Germany-based Commerzbank AG reflect its sound credit-risk management, which compares favorably with many domestic peers, and the bank's domestic franchise among private and corporate customers, which provides it with a sound and diversified funding base. The ratings also reflect Commerzbank's steady progress in executing a range of strategic and cost-cutting initiatives, which are expected to allow it to further improve its profitability levels in 2005. The primary negative rating factors are the bank's still modest core profitability and market position in a highlyDEUD158JN46630TD158CA202597D158FH40101010 401010 4010 40Commerzbank AG107128USALATAMERICAEUROMIDAFREMERGINGASIACBK@GRFULLDEUFRAIRLANTLUX44914PA1951YD3452ND3452PD3453AL3011K40101010 401010 4010 4040101015 401010 4010 4040203010 402030 4020 40Erste Europaeische Pfandbrief- und Kommunalkreditbank AGCaisse Centrale de ReescompteCommerzbank International S.A.Commerzbank Europe (Ireland)Commerzbank Overseas Finance N.V.Hypothekenbank in Essen AG121473309328129445112496345840310956EMERGINGEUROMIDAFRLATAMERICAUSA1009@ID221230Z@FP1008Z@GR1042Z@LX1096Z@LXGLOBISSSTRUCPUBFINCORPFIABCPABSRMBSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/423979spcred/423979normThe latest Summary from S&Pglobalstructuredpubfin1/8/2009 2:41:38 AM175Summary423979GermanyDiversified BanksAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsAsset-Backed Commercial PaperAsset-Backed SecuritiesResidential MBSCollateralized Debt ObligationsSummaryThe ratings on Germany-based Commerzbank AG reflect its sound credit-risk management, which compares favorably with many domestic peers, and the bank's domestic franchise among private and corporate customers, which provides it with a sound and diversified funding base. The ratings also reflect Commerzbank's steady progress in executing a range of strategic and cost-cutting initiatives, which are expected to allow it to further improve its profitability levels in 2005. The primary negative rating factors are the bank's still modest core profitability and market position in a highly competitive and structurally difficult domestic market environment. The bank's overall sound asset quality further improved in 2004 and, barring major surprises, provisioning needs in 2005 are expected to decline further to less than €800DEUD158FH202597D158CA46630TD158JN40101010 401010 4010 40Commerzbank AG107128ASIAEMERGINGEUROMIDAFRLATAMERICAUSACBK@GRSUMMARYGLOBISSSTRUCPUBFINCORPFIABCPABSRMBSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/417681spcred/417681normThe latest Research Update from S&Pglobalstructuredpubfin1/8/2009 2:41:38 AM175Research Update417681GermanyDiversified BanksAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsAsset-Backed Commercial PaperAsset-Backed SecuritiesResidential MBSCollateralized Debt ObligationsResearch UpdateOn Jan. 11, 2004, Standard&Poor's Ratings Services revised the outlook on Commerzbank AG to stable from negative. At the same time, the long-term 'A-' and short-term 'A-2' counterparty credit ratings were affirmed. The outlook change reflects Commerzbank's progress in its restructuring, strict cost control, and further improved asset quality. Standard&Poor's views the downsizing of the investment banking operations as positive because they were oversized, not aligned to the needs of Commerzbank's customers, and highly vulnerable to market developments. The combination of these measures are expected to contribute to strong earnings growth--from low levels--in 2005. Reduced overhead charges following restructuring measures in the fourth quarter of 2003, continued efficiency improvements particularly in retail banking and asset management,DEUD158FH202597D158CA46630TD158JN40101010 401010 4010 40Commerzbank AG107128ASIAEMERGINGEUROMIDAFRLATAMERICAUSACBK@GRRESUPDLUXFRAIRL40101010 401010 4010 4040203010 402030 4020 40Caisse Centrale de ReescompteCommerzbank International S.A.Commerzbank Europe (Ireland)121473309328112496EUROMIDAFRUSA221230Z@FP1009@ID1042Z@LXGLOBISSSTRUCPUBFINCORPFIABCPABSRMBSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/417680spcred/417680normThe latest News from S&Pglobalstructuredpubfin1/8/2009 2:41:38 AM100News417680GermanyDiversified BanksUnited StatesLatin AmericaEurope, Middle East, AfricaEmerging MarketsAsiaGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsAsset-Backed Commercial PaperAsset-Backed SecuritiesResidential MBSCollateralized Debt ObligationsNewsFRANKFURT (Standard&Poor's) Jan. 11, 2004--Standard&Poor's Ratings Services said today it revised the outlook on Commerzbank AG to stable from negative. At the same time, the long-term 'A-' and short-term 'A-2' counterparty credit ratings were affirmed. "The outlook change reflects Commerzbank's progress in its restructuring, strict cost control, and further improved asset quality," said Standard&Poor's credit analyst Stefan Best. Furthermore, Standard&Poor's views the downsizing of the investment banking operations as positive because they were oversized, not aligned to the needs of Commerzbank's customers, and highly vulnerable to market developments. "The combination of these measures are expected to contribute to strong earnings growth--from low levels--in 2005," he added. Reduced overhead charges following restructuring measuresDEU