...June 25, 2019 FRANKFURT (S&P Global Ratings) June 25, 2019--S&P Global Ratings said today that it assigned its '##' long-term issue rating to the proposed low-trigger additional Tier 1 (AT1) perpetual capital notes to be issued by Commerzbank AG. The rating is subject to our review of the notes' final documentation. This is the bank's first issuance of Basel III-compliant AT1 notes. It has some legacy tier 1 notes in issuance that are subject to regulatory grandfathering. In accordance with our criteria for hybrid capital instruments ("Bank Hybrid Capital And Nondeferrable Subordinated Debt Methodology And Assumptions," published Jan. 29, 2015), the '##' issue rating reflects our analysis of the proposed instrument and our '###+' assessment of the stand-alone credit profile (SACP) of Commerzbank. The issue rating stands four notches below the SACP due to the following deductions: - One notch because the notes are contractually subordinated; - Two notches reflecting the notes' discretionary...
