High systemic importance to Germany. Extraordinary government support, which has restored the bank's loss-absorption capacity. Good market position in domestic corporate banking. Currently robust economic improvement that should benefit its dominant German operations. Restructuring risks due to the need to reduce dependence on government support. Credit and market risks from sizable wholesale lending and trading-related activities. High reliance on wholesale funding markets. Needed cost base reduction to offset potential revenue losses. The ratings on Germany-based Commerzbank AG reflect Standard&Poor's Ratings Services' view that the bank is of high systemic importance to the Federal Republic of Germany (AAA/Stable/A-1+), which owns 25% plus one share of Commerzbank, and that the bank would likely receive additional extraordinary government support if needed.
