We believe the prospect of extraordinary government support for German banks is now uncertain in view of the country's well-advanced and effective resolution regime. We are therefore removing the two-notch uplift that we had previously incorporated in the long-term counterparty credit rating on Commerzbank AG for government support. However, we are including one notch of uplift in the long-term rating because we consider that Commerzbank AG is likely to maintain its additional loss-absorbing capacity (ALAC) above our 5% threshold within our two-year projection period. We are lowering the long-term counterparty credit rating on Commerzbank AG to 'BBB+' from 'A-', and removing this rating from CreditWatch negative, where we placed it on Feb. 3, 2015. The negative outlook reflects the potential
