On Jan. 13, 2012, Standard&Poor's Ratings Services affirmed its 'AAA' long-term unsolicited sovereign credit rating on the Federal Republic of Germany. The outlook on the long-term sovereign rating is stable. As a result, we are affirming our 'A/A-1' counterparty credit and senior unsecured debt ratings on Germany-based Commerzbank AG and its core operating subsidiaries, and removing them from CreditWatch, where they were placed with negative implications on Dec. 7, 2011. We are affirming our 'A-/A-2' counterparty credit and senior unsecured debt ratings on subsidiary Eurohypo AG and its core operating subsidiary. The outlook on Commerzbank, Eurohypo, and both banks' core operating subsidiaries is negative. As previously announced, on Jan. 25, 2012, Standard&Poor's Ratings Services has affirmed
