LONDON (Standard&Poor's CreditWire) Feb. 14, 2001--Standard&Poor's today lowered its counterparty credit ratings on Commerzbank AG and its subsidiaries to single-'A+'/'A-1' from double-'A-'/'A-1+'. The triple-'A' ratings on the subsidiaries' senior secured Öffentliche Pfandbriefe and Lettres de Gage Publiques were affirmed (see list below). The outlook is stable. The rating action follows Commerzbank's release of preliminary full year figures for 2000 with a net loss of €98 million ($88 million) in the fourth quarter. The ratings also reflect the bank's failure to improve its operating profitability, excluding one-off profits, its rising and inflexible expense levels, and its greater ambitions in investment banking. While Commerzbank's results were roughly in line with expectations until Sept. 30, 2000, the release of
