The ratings on Germany-based Commerzbank AG reflect Standard&Poor's Ratings Services' view that the bank is of high systemic importance to the Federal Republic of Germany (AAA/Stable/A-1+), which owns 25% plus one share of Commerzbank, and that the bank would likely receive additional extraordinary government support if needed. Under our criteria, this provides a three-notch uplift for our assessment of Commerzbank's stand-alone credit profile. The support that Commerzbank has received from the German government (€1.8 billion in common equity, €16.4 billion in hybrid capital, and €5 billion in funding guarantees), which was approved by the European Commission, are factored into our assessment of the bank's stand-alone credit profile. On April 7, 2011, we affirmed our ratings on Commerzbank, based
