On Feb. 4, 2013, Commerzbank issued a profit warning. We now believe Commerzbank's process of rebalancing its business model may be more complex and more time-consuming than we previously assumed and that it may take longer to generate stronger and sustainable earnings. We are therefore placing our 'A/A-1' ratings on Commerzbank on CreditWatch with negative implications. We expect to resolve the CreditWatch within the next three months after further discussions with management, and once we have received more details on Commerzbank's 2012 results and its updated business and risk positioning plans. On Feb. 7, 2013, Standard&Poor's Ratings Services placed its 'A' long-term and 'A-1' short-term counterparty credit ratings, as well as its senior unsecured and nondeferrable subordinated debt
