On Nov. 16, 2005, Standard&Poor's Ratings Services lowered its counterparty credit ratings on Eurohypo AG and EUROHYPO Europaeische Hypothekenbank S.A. to 'A-/A-2' from 'A/A-1'. At the same time, Standard&Poor's affirmed its 'A-/A-2' counterparty credit ratings on Commerzbank AG and related entities. The outlook on all entities is stable. The 'BBB+/A-2' counterparty credit ratings and positive outlook on Hypothekenbank in Essen AG remain unchanged, reflecting its sound stand-alone profile. The rating actions follow Commerzbank's announcement that it has agreed on all major points with Deutsche Bank AG (AA-/Stable/A-1+) and Dresdner Bank AG (A/Negative/A-1) to acquire their stakes of 37.7% and 28.5%, respectively, in Eurohypo. The transaction, which still requires the approval of the regulators and cartel authorities,
