FRANKFURT (Standard&Poor's) Nov. 9, 2001--Standard&Poor's today placed its single-'A'-plus long-term counterparty credit ratings on Commerzbank AG and related entities on CreditWatch with negative implications. At the same time, Standard&Poor's affirmed its 'A-1' short-term counterparty credit ratings. The ratings on Rheinische Hypothekenbank AG (Rheinhyp) remain on CreditWatch with developing implications, where they were placed on Oct. 31, 2001. (See list below for all ratings affected.) The CreditWatch actions reflect Commerzbank's further weakened operating performance in the third quarter, and uncertainties about management's plans to restore operating profitability to a level commensurate with Commerzbank's current ratings in the medium term. The actions particularly reflect Standard&Poor's concerns with regard to Commerzbank's ability to succeed on
