Research Update: Commerzbank And Subsidiaries Ratings Affirmed, Off Watch Neg After Sovereign Rating Actions; Outlook Negative Jan 12
- Language: English
- Published: January 2012
FRANKFURT (Standard & Poor's) Nov. 12, 2007--Standard & Poor's Ratings Services said today it affirmed its 'A/A-1' long- and short-term counterparty credit ratings on Germany-based Commerzbank AG. The outlook is stable. The affirmation follows the bank's announcement to acquire the remaining 49% of Hypothekenbank in Essen (EssenHyp), which it does not already own, by January 2008. The affirmation also reflects a review of Commerzbank's third-quarter results. "The impact of the acquisition on Commerzbank's capital ratio is marginal," said Standard & Poor's credit analyst Stefan Best. "Although EssenHyp had already been integrated into Commerzbank's risk-management systems, we consider that clarity in EssenHyp's ownership structure will foster closer business integration into the Commerzbank group's public finance strategy and treasury operations," he added....
Companies mentioned in this report are:
- Commerzbank AG
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- Commerzbank AG