Business profile, management, and strategy are sound and consistent with ratings level Improved financial profile through higher core earnings and comparatively favorable credit environment in Germany Manageable net exposure to weaker structured credit investments or leveraged finance Good diversification of funding and prudent liquidity management Low market shares in low-growth, fragmented, and highly competitive domestic market environment Largely wholesale-oriented business mix and risk profile, which make earnings susceptible to credit spread risk and lower business activity Profitability and diversification below that of large European peers Large exposure to tougher international commercial real estate markets The ratings on Germany-based Commerzbank AG continue to reflect its sound strategy and business profile and its adequate financial profile, which is consistent with the ratings.
