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S&P puts 4 key German lenders on CreditWatch positive

S&P Global Ratings on Dec. 15 placed on CreditWatch with positive implications the long-term issuer credit ratings of Deutsche Bank AG, Commerzbank AG, UniCredit Bank AG and Deutsche Pfandbriefbank AG and several of their foreign subsidiaries, reflecting the possibility that the agency may raise the long-term issuer credit ratings of the four systemically important banks.

The long- and short-term issuer credit ratings of Commerzbank and Deutsche Bank were affirmed at BBB+/A-2. Commerzbank's short-term rating was also placed on CreditWatch positive. S&P also affirmed Deutsche Pfandbriefbank's and UniCredit Bank's long- and short-term issuer credit ratings at BBB/A-2.

S&P also placed on CreditWatch positive the long-term issuer credit rating of Commerzbank unit mBank SA and affirmed the rating at BBB and its short-term issuer credit rating at A-2.

S&P is also reviewing the ratings of most of the long-term senior unsecured debt issued by 13 German banks, including the four systemically important lenders, in light of the agency's evolving understanding of bank resolution regulations.

The agency aims to resolve the CreditWatch placements in the first quarter of 2017.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.