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Commerzbank AG Dresdner Funding Trust II Hybrid Capital Rating Raised To 'BBB+' On Redemption Announcement Jun 09
- Published: June 2009
- Standard & Poors
FRANKFURT (Standard & Poor's) June 9, 2009--Standard & Poor's Ratings Services said today that it had raised its rating on €500 million Tier 1 hybrid capital dated silent partnership certificates issued by Dresdner Funding Trust II of Commerzbank AG (A/Negative/A-1) to 'BBB+' from 'CCC'. At the same time, the rating was removed from CreditWatch, where it was placed with negative implications on Jan. 12, 2009. The rating action follows an announcement by Commerzbank to the Luxembourg Stock Exchange that it will redeem the certificates on their call date on June 30, 2009. The rating action reflects our expectation that Commerzbank will redeem the instruments at their full stated liquidation amount plus annual interest for the period ended June 30, 2009....
Companies mentioned in this report are:
- Commerzbank AG
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- Commerzbank AG