Sound market position in domestic corporate banking on tailwinds from Germany's still-robust economy. Management's good progress in derisking the bank's noncore commercial real estate, shipping, and public finance activities. Expected extraordinary government support in the future if needed, reflecting the bank's high systemic importance in Germany. Risk concentrations and below-average credit quality in the commercial real estate and shipping portfolios. Credit and market risks from sizable wholesale activities, which are vulnerable to economic stress. Market conditions that make it more difficult for the bank to renew its complex business model. The negative outlook on Germany's Commerzbank AG indicates the one-in-three possibility that Standard&Poor's Ratings Services could downgrade the bank owing to its vulnerability to Europe's sluggish economies. We
