The ratings on Germany-based Commerzbank AG reflect a combination of extraordinary external support from the government of the Federal Republic of Germany (AAA/Stable/A-1+) and the bank's own credit characteristics. Standard&Poor's Ratings Services' expectation of future and existing government support lifts its ratings on Commerzbank by at least one notch above the stand-alone assessment. The ratings are also based on the expectation that the European Commission (EC) will approve additional state support for Commerzbank, announced on Jan. 8, 2009. Following these additional support measures, the German government, through its Financial Markets Stabilization Fund, will have injected a total of €18.2 billion of capital into the bank, mainly through hybrid instruments, and would own 25% plus one share of the
