Research Update: Eurohypo Downgraded To 'A-/A-2'; Commerzbank 'A-/A-2' Ratings Affirmed; Outlooks Stable Nov 05

Standard & Poors, November 2005

Abstract
On Nov. 16, 2005, Standard & Poor's Ratings Services lowered its counterparty credit ratings on Eurohypo AG and EUROHYPO Europaeische Hypothekenbank S.A. to 'A-/A-2' from 'A/A-1'. At the same time, Standard & Poor's affirmed its 'A-/A-2' counterparty credit ratings on Commerzbank AG and related entities. The outlook on all entities is stable. The 'BBB+/A-2' counterparty credit ratings and positive outlook on Hypothekenbank in Essen AG remain unchanged, reflecting its sound stand-alone profile. The rating actions follow Commerzbank's announcement that it has agreed on all major points with Deutsche Bank AG (AA-/Stable/A-1+) and Dresdner Bank AG (A/Negative/A-1) to acquire their stakes of 37.7% and 28.5%, respectively, in Eurohypo. The transaction, which still requires the approval of the regulators and cartel authorities,...

Companies mentioned in this report are:
- Commerzbank AG
- Deutsche Bank AG
- Dresdner Bank AG
- Commerzbank International S.A.
- Commerzbank Europe (Ireland)
- Hypothekenbank in Essen AG
- Hypothekenbank Frankfurt International S.A.
- Hypothekenbank Frankfurt AG

Action: Affirmed
Action: Downgraded
Action: Outlook: Positive
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

- Commerzbank AG
- Deutsche Bank AG
- Dresdner Bank AG
- Commerzbank International S.A.
- Commerzbank Europe (Ireland)
- Hypothekenbank in Essen AG
- Hypothekenbank Frankfurt International S.A.
- Hypothekenbank Frankfurt AG

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