Commerzbank has reached key milestones in its multiyear transformation and realignment of its business model, primarily focused on deep cost and efficiency measures, and now shows improving profitability. This has laid the foundation to further improve its structural profitability under its ambitious revised strategic agenda announced Nov. 8, 2023. We have therefore revised our rating outlook on Commerzbank to positive from stable and affirmed our 'A-/A-2' ratings. The positive outlook indicates that we could raise the ratings if Commerzbank delivers on its financial targets and we observe strengthening resilience, while the bank maintains solid balance-sheet metrics. On Nov. 10, 2023, S&P Global Ratings revised its rating outlook on Commerzbank AG to positive from stable and affirmed its 'A-/A-2' long- and
