Ratings On One Credit-Linked Note Series Issued By Commerzbank AG Lowered To 'A-' And Placed On CreditWatch Negative

FRANKFURT (Standard&Poor's) June 1, 2015--Standard&Poor's Ratings Services today corrected its issue rating on one series of single-name credit-linked notes issued by Commerzbank AG (A-/Watch Neg/A-2) by lowering it to 'A-' from 'A' and placing it on CreditWatch with negative implications. The international securities identification number of the issue is DE000DR6D297. The reference entity for the notes is Volkswagen AG. Due to an error, we raised the rating on the credit-linked notes to 'A' when we upgraded the long-term issuer credit rating (ICR) on Volkswagen AG to 'A' on Sept. 22, 2014, and did not place it on CreditWatch with negative implications when we placed the 'A-' long-term ratings on Commerzbank on CreditWatch with negative implications on

...FRANKFURT (Standard & Poor's) June 1, 2015--Standard & Poor's Ratings Services today corrected its issue rating on one series of single-name credit-linked notes issued by Commerzbank AG (A-/Watch Neg/A-2) by lowering it to 'A-' from 'A' and placing it on CreditWatch with negative implications. The international securities identification number of the issue is DE000DR6D297. The reference entity for the notes is Volkswagen AG. Due to an error, we raised the rating on the credit-linked notes to 'A' when we upgraded the long-term issuer credit rating (ICR) on Volkswagen AG to 'A' on Sept. 22, 2014, and did not place it on CreditWatch with negative implications when we placed the 'A-' long-term ratings on Commerzbank on CreditWatch with negative implications on Feb. 3, 2015. RELATED CRITERIA AND RESEARCH Related Criteria + Bank Hybrid Capital And Nondeferrable Subordinated Debt Methodology And Assumptions, Jan. 29, 2015 + Group Rating Methodology, Nov. 19, 2013 + Revised Market Risk Charges...

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