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 four notches above the bank's stand-alone credit profile. On May 12, 2009, we revised the outlook on Commerzbank to negative from stable and affirmed our 'A' long-term and 'A-1' short-term counterparty credit ratings on the bank. The potential for government support is based on our assessment of Commerzbank as a highly systemically important bank to Germany, the government's capital injections into the bank--amounting to €18.2 billion--through its Financial Markets Stabilization Fund, and the
