Commerzbank AG´s multiyear transformation is on track, and we consider execution risk has reduced. The bank's revenue prospects are improving thanks to rising interest rates and solid fee income. We acknowledge downside economic risks and Commerzbank's current depressed earnings capacity, but see the bank's solid capitalization as allowing some headroom to absorb higher credit losses than we currently project. We have revised the outlook on Commerzbank to stable from negative and affirmed our 'BBB+/A-2' long- and short-term ratings. Our stable outlook reflects our expectation that there will be no major setbacks in the transformation and Commerzbank will largely reach its financial targets. On May 23, 2022, S&P Global Ratings revised its outlook on Commerzbank AG to stable from negative, and
