Commerzbank AG Apr 06

Standard & Poors, April 2006

Abstract
Turnaround through successful restructuring of business lines, Sound risk management, Solid franchise in Germany, and Increased diversity of earnings from acquisition of Eurohypo AG. Low market shares in low growth and highly competitive domestic market environment, Modest profitability, High exposure to domestic real estate markets and international commercial real estate lending, and Limited franchise outside Germany. The ratings on Germany-based Commerzbank AG reflect its turnaround following a prolonged restructuring, which is nearing completion, sound risk management, and the bank's domestic franchise among private and corporate customers. The primary negative rating factors remain the bank's improved but still modest core profitability and market position in a highly competitive and structurally difficult domestic market environment, and its limited franchise outside Germany, which...

Companies mentioned in this report are:
- Commerzbank AG
- Commerzbank International S.A.
- Caisse Centrale de Reescompte
- Commerzbank Europe (Ireland)
- Hypothekenbank in Essen AG
- Erste Europaeische Pfandbrief- und Kommunalkreditbank AG

Action: Review

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.

Research Type: Full Analysis

- Commerzbank AG
- Commerzbank International S.A.
- Caisse Centrale de Reescompte
- Commerzbank Europe (Ireland)
- Hypothekenbank in Essen AG
- Erste Europaeische Pfandbrief- und Kommunalkreditbank AG

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