On March 22, 2007, Standard&Poor's Ratings Services raised its long-term and short-term counterparty credit ratings on Germany-based Commerzbank AG and related core subsidiaries to 'A/A-1' from 'A-/A-2'. The outlook is stable. The upgrade reflects Standard&Poor's raised level of confidence that Commerzbank's improved financial profile, based on reduced credit risk and higher profitability levels, can be sustained. This is underpinned by the more favorable domestic economic environment with a cyclical upswing that is broader based and likely to be longer lasting than expected. The current level of Commerzbank's earnings is satisfactory and the successfully managed turnaround of its business lines combined with a more favorable domestic economic outlook supports the view of its improved resilience. Whether profit
