The ratings on Commerzbank AG reflect the bank's market position as the fourth-largest private banking group in Germany, its improved and overall sound asset quality and prudent provisioning policy, and its stable and diversified funding sources. Also reflected are the bank's profitability levels, which are below those of its international peers, and its still moderate, although improved, capitalization. With total consolidated assets of euro (Eur) 428 billion at Sept. 30, 2000, Commerzbank ranks among the 20 largest banking groups in Europe. As a universal bank, it offers a broad range of financial services to retail and wholesale customers. Commerzbank has set ambitious profitability targets and has been aggressively building up its investment banking business. The success of these investments is
