The counterparty credit ratings and guaranteed debt ratings on DekaBank Deutsche Girozentrale (DekaBank; formerly known as DGZ DekaBank Bank Deutsche Kommunalbank) are supported by the guarantee obligation (Gewährträgerhaftung) of nine German Landesbanks, the ratings on which are based directly or indirectly on the maintenance obligation (Anstaltslast) and Gewährträgerhaftung of the respective states--that can be maintained until July 18, 2005, however. In the case of DekaBank, but in contrast to directly state-owned Landesbanks, Standard&Poor's relies less on indirect state guarantees, because such indirect guarantees would not give creditors a direct claim on the state guarantors. Standard&Poor's ratings on DekaBank also take into consideration the bank's role as nearly exclusive mutual fund provider for the savings bank sector,
