Sound domestic corporate banking position supported by a robust German economy. Adequate capitalization due to government support and progress in derisking the bank's noncore activities. Adequate funding and liquidity. Credit and market risks from concentrated wholesale activities, which are vulnerable to economic stress. Low market share in the domestic retail/SME segment and a disproportionate share of activities that are not connected with a client franchise. Limited growth opportunities due to a lengthy restructuring process and moderate economic outlook for the eurozone. The negative outlook indicates that we may lower the ratings on Commerzbank by up to two notches by year-end 2015 if we consider that extraordinary government support is less predictable under the new bank resolution framework. The negative outlook
