On Nov. 22, 2006, Standard&Poor's Ratings Services revised its outlook on Germany-based Commerzbank AG and related entities to positive from stable. At the same time, the long-term 'A-' and short-term 'A-2' counterparty credit ratings were affirmed. In addition, the long-term 'A-' and short-term 'A-2' counterparty credit ratings on Hypothekenbank in Essen AG (EssenHyp) were affirmed and the outlook remains stable. The outlook revision reflects Commerzbank's improved earnings trend, as a result of a successfully managed turnaround. The current level of Commerzbank's earnings is satisfactory due to stronger-than-expected improvements in the first nine months of 2006. Whether this upward trend can be sustained through the cycle, however, still needs to be proven. Based on pro forma accounts including the
