PARIS (Standard&Poor's) April 20, 2004--Standard&Poor's Ratings Services said today that it had assigned its 'B-' senior unsecured debt rating to the proposed Loan Participation Notes to be issued on a limited recourse basis by Commerzbank AG (A-/Negative/A-2) for the purpose of financing a loan to Ural-Siberian Bank OJSC (URALSIB; B-/Stable/C), a Russian bank. The amount and the maturity of the issue are to be confirmed. "The rights and interests of Commerzbank as lender to URALSIB will be charged to a trustee for the benefit of the noteholders under a trust deed," explained Standard&Poor's credit analyst Ekaterina Trofimova. "The credit rating of the issue reflects the capacity and willingness of URALSIB to honor its financial
