On Jan. 12, 2009, Standard&Poor's Ratings Services affirmed its 'A/A-1' long-term and short-term counterparty credit ratings on Germany-based Commerzbank AG, Dresdner Bank AG, and related core subsidiaries. The outlook on all entities was revised to stable from negative, with the exception of Eurohypo AG and EUROHYPO Europaeische Hypothekenbank S.A., the outlook on which remains negative. At the same time, the ratings on hybrid capital instruments issued by Commerzbank, Dresdner Bank, and related entities were lowered to 'BBB' from 'BBB+' and placed on CreditWatch with negative implications. These rating actions reflect Standard&Poor's view on Commerzbank's plan to raise additional capital via €10 billion provided by the German government through its Financial Markets Stabilization Fund, which was set
