On Nov. 12, 2007, Standard&Poor's Ratings Services affirmed its 'A/A-1' long- and short-term counterparty credit ratings on Germany-based Commerzbank AG. The outlook is stable. The affirmation follows the bank's announcement to acquire the remaining 49% of Hypothekenbank in Essen AG (EssenHyp), which it does not already own, by January 2008. The affirmation also reflects a review of Commerzbank's third-quarter results. The impact of the acquisition on Commerzbank's capital ratio is marginal. Although EssenHyp had already been integrated into Commerzbank's risk-management systems, Standard&Poor's considers that clarity in EssenHyp's ownership structure will foster closer business integration into the Commerzbank group's public finance strategy and treasury operations. Commerzbank's third-quarter pretax result slumped to €360 million as a result of
