Support from Germany's government, owing to high systemic importance Market position as the second-largest private bank in Germany Potential long-term benefits to efficiency and market position from Dresdner Bank merger Expectation of significant losses from a large commercial loan book, asset-backed securities, and restructuring High proportion of wholesale and market-sensitive businesses, in particular, those of Dresdner Bank High hybrid-capital content within equity The ratings on Germany-based Commerzbank AG reflect a combination of extraordinary external support from the government of the Federal Republic of Germany (AAA/Stable/A-1+) and the bank's own credit characteristics. Standard&Poor's Ratings Services' expectation of future and existing government support lifts its ratings on Commerzbank by four notches above the bank's stand-alone credit profile. On May 12,
