FRANKFURT (Standard&Poor's) Feb. 20, 2004--Standard&Poor's Ratings Services said today that Commerzbank AG's (A-/Negative/A-2) announcement of a €2.2 billion net loss in full-year 2003 has no rating implications. Commerzbank's operating results were in line with Standard&Poor's expectation of only modest earnings before nonrecurring charges in 2003. Standard&Poor's continues to consider Commerzbank's weak earnings the key negative rating factor. Standard&Poor's expects that Commerzbank will be able to continue its turnaround and further improve its currently low operating profit in 2004, as it should benefit from its restructuring measures in the fourth quarter of 2003; ongoing cost control; and prudent credit-risk management. To achieve its ambitious earnings target of about €1.1 billion before
