High systemic importance to Germany. Extraordinary government support, which has restored the bank's loss-absorption capacity. Good market position in domestic corporate banking. Potential long-term benefits to efficiency and market position from Dresdner Bank acquisition. Restructuring risks due to the need to reduce its strong dependence on implicit government support. High credit risk and sensitivity to market volatility. High reliance on wholesale funding markets. Strong incentive to retire high amount of hybrid capital from the government as quickly as possible. The ratings on Germany-based Commerzbank AG reflect our view that Commerzbank is of high systemic importance to the Federal Republic of Germany (AAA/Stable/A-1+), which owns 25% plus one share of the bank, and that Commerzbank would likely receive additional extraordinary government
