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Commerzbank Ratings Unaffected By Interim Results; Outlook Remains Stable Aug 08 Product Image

Commerzbank Ratings Unaffected By Interim Results; Outlook Remains Stable Aug 08

  • ID: 1752320
  • August 2008
  • Standard & Poors

Abstract
FRANKFURT (Standard & Poor's) Aug. 6, 2008--Standard & Poor's Ratings Services said today its ratings and outlook on Commerzbank AG (A/Stable/A-1) and related entities remain unchanged, following the announcement of the bank's results for the first half of 2008. The related entities include bank subsidiaries Eurohypo AG (A/Stable/A-1) and Hypothekenbank in Essen AG (EssenHyp; A/Stable/A-1). Commerzbank reported a pretax profit of about €900 million in the first half of 2008. This is 55% less than the record result posted in the first half of 2007, which benefited from a more favorable environment and one-time gains. Conversely, the first half of 2008 suffered from manageable impairments on asset-backed securities and collateralized debt obligations (€414 million), high loan loss provisions on one...

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

Action: S&P Event

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- Commerzbank AG
- Hypothekenbank in Essen AG
- Hypothekenbank Frankfurt AG

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