The ratings on DGZ Deka Bank Deutsche Kommunalbank (DGZ Deka) are supported by the statutory guarantee obligation (Gewährträgerhaftung) of 10 German Landesbanks, whose ratings are based directly or indirectly on the maintenance obligation (Anstaltslast) and Gewährträgerhaftung of the respective states. Standard&Poor's regards DGZ Deka's financial profile as sound. Standard&Poor's relies less on indirect state guarantees, however, as in the case of DGZ Deka, because direct state guarantees are the strongest form of creditor protection, as only these would give creditors a direct claim on the state guarantors. Furthermore, DGZ Deka is a commercial bank and does not have a clearly defined and exclusive public policy role. The ratings on DGZ Deka Bank's public-sector (Öffentliche) Pfandbriefe are
