Commerzbank continues to strengthen its capitalization while reducing nonstrategic risk exposures and balancing its business portfolio toward stable revenues. We are therefore revising the outlook to stable from negative. We are affirming our issuer credit ratings at 'BBB+/A-2' after considering the bank's additional loss-absorbing capacity in a bail-in scenario. At the same time, we are raising our issue ratings on Commerzbank's hybrid capital instruments, reflecting the bank's stronger stand-alone credit profile. On March 11, 2016, Standard&Poor's Ratings Services revised its outlook on Germany-based Commerzbank AG and its Poland-based subsidiary mBank to stable from negative. We affirmed the 'BBB+/A-2' long- and short-term counterparty credit ratings on Commerzbank and the 'BBB/A-2' ratings on mBank. At the same time, we raised
