FRANKFURT (Standard&Poor's) Nov. 4, 2008--Standard&Poor's Ratings Services said today its ratings and outlook on Commerzbank AG (A/Negative/A-1) are not immediately affected by the bank's intention to raise Tier 1 capital of €8.2 billion from the government and to draw up to €15 billion of guaranteed debt in state funds to strengthen its capital position. "We consider the capital and funding support by the German government to be positive steps that stabilize the ratings in unusually difficult times," said Standard&Poor's credit analyst Stefan Best. These measures partly mitigate Commerzbank's weakened operating performance, demonstrated by a third-quarter pretax loss of €475 million, as well as the increased execution risks associated with the acquisition of Dresdner Bank
