Sound market position in domestic corporate banking. Sound capitalization and material additional loss-absorbing capital (ALAC) to protect senior creditors in the event of a resolution. Prudent funding and liquidity management and metrics. Ongoing substantial restructuring needs until at least 2023 to address structurally low profitability. Material loan loss provisioning in 2020 that will likely remain above the bank's historical average beyond 2021 due to the pandemic Below-average earnings from domestic retail activities. The success of the revised restructuring plan is the key consideration for S&P Global Ratings' credit ratings on Commerzbank. The negative outlook reflects the significant challenges management faces to recover to more solid, sustainable profitability amid weak operating conditions. We could lower our ratings on Commerzbank within the
