Research Update: Commerzbank 'A/A-1' Ratings Affirmed On Acquisition Of EssenHyp And Q3 Results; Outlook Stable Nov 07

Standard & Poors, November 2007

Abstract
On Nov. 12, 2007, Standard & Poor's Ratings Services 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 AG (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. Although EssenHyp had already been integrated into Commerzbank's risk-management systems, Standard & Poor's considers that clarity in EssenHyp's ownership structure will foster closer business integration into the Commerzbank group's public finance strategy and treasury operations. Commerzbank's third-quarter pretax result slumped to ?360 million as a result of...

Companies mentioned in this report are:
- Commerzbank AG
- Hypothekenbank in Essen AG

Action: Affirmed

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
- Hypothekenbank in Essen AG

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