As part of its strategic focus on institutional investors, Scope Ratings is offering credit ratings on a subscription basis only via its credit intelligence platform, ScopeOne.

Scope affirms Commerzbank’s A Issuer Rating with Negative Outlook in response to Commerzbank's latest strategy update.

The rating action reflects the new contractual subordination regime in Germany, which allows banks to issue senior unsecured debt equivalent to preferred senior debt and ranking above senior non-preferred debt in insolvency and resolution.