We believe that Germany-based Commerzbank AG would likely receive additional extraordinary government support, if needed, because we consider Commerzbank a highly systemically important bank to Germany. Under our criteria, this provides the ratings a three-notch uplift from our assessment of the Commerzbank's stand-alone credit profile. We believe Commerzbank's stand-alone credit profile has improved by one notch because we see gradual progress in the bank's restructuring and reduced risk, owing to the economic recovery. We are affirming our 'A/A-1' ratings on Commerzbank and its related subsidiaries. The negative outlook reflects what we see as Commerzbank's potential vulnerabilities, as well as our uncertainties about the bank's medium-term capacity to improve its stand-alone credit profile to a level consistent with the existing ratings.
