FRANKFURT (Standard&Poor's) Feb. 5, 2002--Standard&Poor's today said that Commerzbank AG's (A/Negative/A-1) weak performance in 2001 had been expected and reflected in its recent rating action (see press release "Commerzbank LT Ratings Lowered to 'A'; Off Watch Neg; ST Rtgs Affirmed; Outlook Neg", published on Dec. 19, 2001, on RatingsDirect, Standard&Poor's Web-based credit analysis system). Standard&Poor's expects a prolonged restructuring process, which is unlikely to be completed before 2003. Because operating profits are expected to remain depressed in 2002, progress of management's efforts to reduce the bank's unfavorably high cost base remains crucial. Owing to the difficult economic and competitive environment, enhanced restructuring initiatives might be needed, however. Further deterioration of Commerzbank's financial
