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Fitch Upgrades Four Winds Funding Corp to 'F1' from 'F2'.

NEW YORK -- Fitch Ratings has upgraded its rating of Four Winds Funding Corp. (Four Winds Corp.), a $7.5 billion asset backed commercial paper (CP) program sponsored by Commerzbank AG (Commerzbank), to 'F1' from 'F2'. The rating action is a result of Fitch's Feb. 27, 2006 upgrade of Commerzbank's short-term rating to 'F1' from 'F2'. Four Winds Corp. issues CP and uses the proceeds to finance the purchase of financial assets and receivables and to make corporate loans. Commerzbank serves as a primary credit and liquidity support provider to the CP issued by Four Winds Funding Corp.

Commerzbank's upgrade reflects Fitch's view that the bank has been able to generate satisfactory levels of recurring profitability while also improving asset quality. Commerzbank's risk profile is changing; the integration of Eurohypo AG, should further stabilize revenue streams, and aggregate exposure to the real estate sector will amount to roughly half of consolidated capital. Fitch expects Commerzbank to continue focusing on earnings generation, particularly in mid-cap and retail banking to generate internal capital.

For further information regarding Commerzbank's upgrade, please see the Fitch press release dated Feb. 27, 2006, 'Fitch Upgrades Germany's Commerzbank to 'A',' available on the Fitch Ratings web site at

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, ''. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
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Publication:Business Wire
Date:Feb 28, 2006
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