The ratings on Germany-based Commerzbank AG reflect our view that Commerzbank is of high systemic importance to the Federal Republic of Germany (AAA/Stable/A-1+), which owns 25% plus one share of the bank, and that Commerzbank would likely receive additional extraordinary government support if needed. Under our criteria, this provides for a three-notch uplift from our assessment of Commerzbank's stand-alone credit profile. The support that Commerzbank has received from the German government (€1.8 billion of common equity, €16.4 billion in hybrid capital, and €5 billion in funding guarantees) and which was approved by the European Commission are factored into our assessment of its stand-alone credit profile. On June 28, 2010, we lifted our assessment of Commerzbank's stand-alone credit profile by one
