On Sept. 1, 2008, Standard&Poor's Ratings Services affirmed its 'A' long-term and 'A-1' short-term counterparty credit ratings on Germany-based Commerzbank AG, Dresdner Bank AG, and related core subsidiaries. At the same time, the outlook on Commerzbank was revised to negative from stable. The senior secured debt remains unaffected. The outlook on Dresdner Bank remains negative. These rating actions follow the announcement that Commerzbank and Allianz SE have agreed on Commerzbank's acquisition of Dresdner Bank in two stages in 2009. The transaction is subject to official approval from regulators, cartel authorities, and shareholders, which we believe is likely to be granted. The rating affirmation on Commerzbank reflects the improved domestic franchise of the enlarged group and our expectation that
