On Feb. 12, 2021, Commerzbank announced details of its revised restructuring plan under its new CEO, Manfred Knof, aiming at addressing the bank's structurally low profitability. We think management is aligning Commerzbank's structural cost base to its midterm revenue potential Although it will take until 2024 to fully deliver these measures, they will meaningfully improve the bank's subpar profitability. We are affirming our 'BBB+/A-2' long- and short-term issuer credit ratings on Commerzbank. The outlook remains negative, reflecting significant execution risks, particularly on delivering the associated revenue targets amid difficult operating conditions during the COVID-19 pandemic. On Feb. 26, 2021, S&P Global Ratings affirmed its 'BBB+/A-2' long- and short-term issuer credit ratings on Commerzbank AG. The outlook is negative. We affirmed
