We consider that potential extraordinary government support for European banks will likely decrease as resolution frameworks are put in place. We are affirming our 'A-/A-2' ratings on Germany-based Commerzbank AG. The negative outlook reflects the possible removal of government support by year-end 2015, Commerzbank's heightened vulnerability to Europe's sluggish economies, and the need to demonstrate ongoing progress in restructuring. As previously announced on April 29, 2014, Standard&Poor's Ratings Services has affirmed its 'A-/A-2' long- and short-term counterparty credit ratings on Germany-based Commerzbank AG. The outlook is negative. The affirmation follows the completion of our review of potential extraordinary government support for European banks (see "Standard&Poor's To Review Government Support In European Bank Ratings," published on March
