FRANKFURT (Standard&Poor's) Dec. 19, 2001--Standard&Poor's today lowered its long-term counterparty credit and certificate of deposit ratings on Commerzbank AG and related entities to single-'A' from single-'A'-plus and removed them from CreditWatch where they were placed with negative implications on Nov. 9, 2001. At the same time, Standard&Poor's affirmed its 'A-1' short-term counterparty credit and certificate of deposit ratings on Commerzbank. The outlook is negative. (See list below for all ratings affected.) The ratings actions reflect Commerzbank's weak operating performance in 2001 and the expectation of a prolonged restructuring process, which is unlikely to be completed before 2003 and will not be helped by the weakening economic and difficult competitive environment. If Commerzbank's initiatives are
