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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

  • Published: 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 READ MORE >

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

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