S&P Global Ratings' issuer credit rating on Commerce reflects the bank's stable franchise, steady earnings and strong capital levels, favorable asset quality metrics, and above-average funding profile. However, these strengths are partially offset by the bank's geographic concentrations in the Midwest, primarily in Missouri and Kansas, and therefore, the company remains susceptible to potential local economic downturns. The stand-alone credit profile is 'a'. (All figures are as of June 30, 2018, unless otherwise indicated.) Our anchor for a bank operating mainly in the U.S. is 'bbb+', based on an economic risk score of '3' and an industry risk score of '3'. We view the trends for both economic risk and industry risk as stable. The U.S.'s diversified, high-income, and resilient
