On Dec. 9, 2002, Standard&Poor's Ratings Services affirmed its 'A-/A-2' counterparty credit and certificate of deposit ratings on Commerzbank AG and related entities. The outlook is negative. At the same time, Standard&Poor's affirmed its 'BBB+' long-term and its 'A-2' short-term counterparty credit and senior unsecured debt ratings on Hypothekenbank in Essen AG (Hypo Essen). The outlook on Hypo Essen is also negative. Standard&Poor's also affirmed its 'AAA' rating on Hypo Essen's Öffentliche Pfandbriefe. The affirmation reflects Commerzbank's overall sound credit risk and asset liability management, and its commitment to execute a range of strategic and further cost-cutting initiatives to achieve modest operating profits in 2003, and to gradually improve its profitability levels and capital
