Germany-Based Landesbank Hessen-Thueringen Girozentrale's Senior Nonpreferred Notes Rated 'BBB+'

Landesbank Hessen-Thueringen Girozentrale (Helaba) issued senior nonpreferred notes, which contractually rank below its senior unsecured debt, but above its subordinated debt and junior instruments. We understand that, in a resolution, the notes will be subject to conversion or write-down after junior instruments but before more senior obligations, including senior preferred notes. We are assigning our 'BBB+' issue rating to the notes. The issue rating is one notch lower than our issuer credit rating on Helaba, which in turn mirrors the combined creditworthiness S-Finanzgruppe Hessen-Thueringen, owing to our view that the notes benefit from group support, are subordinated to more senior obligations, and do not carry additional default risk. FRANKFURT (S&P Global Ratings) June 29, 2021--S&P Global Ratings today said it

...June 29, 2021 - Landesbank Hessen-Thueringen Girozentrale (Helaba) issued senior nonpreferred notes, which contractually rank below its senior unsecured debt, but above its subordinated debt and junior instruments. - We understand that, in a resolution, the notes will be subject to conversion or write-down after junior instruments but before more senior obligations, including senior preferred notes. - We are assigning our '###+' issue rating to the notes. - The issue rating is one notch lower than our issuer credit rating on Helaba, which in turn mirrors the combined creditworthiness S-Finanzgruppe Hessen-Thueringen, owing to our view that the notes benefit from group support, are subordinated to more senior obligations, and do not carry additional default risk. FRANKFURT (S&P Global Ratings) June 29, 2021--S&P Global Ratings today said it assigned its '###+' issue rating to the senior nonpreferred notes that Germany-based Landesbank Hessen-Thueringen Girozentrale (Helaba; A-/Stable/A-2)...

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