On Oct. 8, 2002, Standard&Poor's Ratings Services lowered its long-term counterparty credit and certificate of deposit ratings on Commerzbank AG, and related entities, to single-'A'-minus from single-'A' and its short-term counterparty credit and certificate of deposit ratings to 'A-2' from 'A-1'. The outlook is negative. At the same time, Standard&Poor's lowered the long-term counterparty credit and senior unsecured debt rating on Hypothekenbank in Essen AG (Hypo Essen) to triple-'B'-plus from single-'A'-minus. The outlook is negative. In addition, the 'A-2' short-term counterparty credit rating on Hypo Essen and the triple-'A' rating on Hypo Essen's Öffentliche Pfandbriefe were affirmed. The lowering of ratings reflects Commerzbank's further weakened business and risk profile asthe prolonged economic downturn will cause further
