Following a review under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our 'A/A-1' ratings on Germany-based Commerzbank AG and its core operating subsidiaries. The outlook is negative. Other rating actions on debt issues are listed below. Our ratings on Commerzbank reflect its adequate business position, adequate capital and earnings, moderate risk position, average funding, and adequate liquidity. The ratings on Commerzbank benefit from two notches of uplift for potential extraordinary government support in a crisis. The negative outlook reflects our view that there is at least a one-in-three likelihood that Commerzbank's credit quality will deteriorate over the next one to two years. As we previously announced on Nov. 29, 2011, Standard&Poor's
