The ratings on Landesbank Hessen-Thüringen Girozentrale (Helaba) are based on the operating maintenance obligation (Anstaltslast) and statutory guarantee (Gewährträgerhaftung) of the State of Hesse (AAA/Stable/A-1+). Standard&Poor's views Hesse's decision to take a direct stake in Helaba as strong evidence of the state's commitment to Helaba, and the bank's importance for the state. A full analysis on the State of Hesse is available on RatingsDirect, Standard&Poor's web-based credit analysis system. On Jan. 1, 2001, the State of Hesse acquired a 10% stake in Helaba from the Savings Banks and Giro Association of Hesse-Thuringia (Sparkassen- und Giroverband Hessen-Thüringen). From this date, in addition to the Savings Banks and Giro Association, the State of Hesse and the State of
