FRANKFURT (Standard&Poor's) Nov. 22, 2006--Standard&Poor's Ratings Services said today it revised its outlook on Germany-based Commerzbank AG and related entities to positive from stable. At the same time, the long-term 'A-' and short-term 'A-2' counterparty credit ratings were affirmed. In addition, the long-term 'A-' and short-term 'A-2' counterparty credit ratings on Hypothekenbank in Essen AG (Essen Hyp) were affirmed and the outlook remains stable. "The outlook revision reflects Commerzbank's improved earnings trend, as a result of a successfully managed turnaround," said Standard&Poor's credit analyst Stefan Best. "The current level of Commerzbank's earnings is satisfactory due to stronger-than-expected improvements in the first nine months of 2006. Whether this upward trend can be sustained through the
