On May 12, 2009, Standard&Poor's Ratings Services revised its outlooks on Germany-based Commerzbank AG and its wholly-owned subsidiary Dresdner Bank AG to negative from stable. At the same time, Standard&Poor's affirmed its 'A' long-term and 'A-1' short-term counterparty credit ratings on both banks. In a related rating action, Standard&Poor's lowered its ratings on Commerzbank's subsidiary Eurohypo AG (see "Eurohypo AG Ratings Cut To 'A-/A-2' On Worsening Credit Environment And Loss Expectation; Outlook Negative," published today on RatingsDirect). These rating actions conclude our review of Commerzbank's stand-alone credit profile and take into account our assessment of the potential impact of a sharply deteriorated economic outlook on the bank's loan portfolio as a large lender to
