Aggregate financial strength and cohesiveness of the "S-Finanzgruppe Hessen-Thueringen" (SFHT), underpinned by a limited regional protection scheme; Sound capitalization of the SFHT, based on good earnings retention of its member savings banks; Strong market penetration of the savings banks in Hesse and Thuringia; Stable retail deposit base of the savings banks; and Helaba's conservative underwriting standards and comfortable collateral positions. Helaba's low profitability, limited revenue diversification, and reliance on wholesale funding, partly due to its role as wholesale central bank; Relatively high and inflexible cost base of Helaba and the SFHT member savings banks; Low revenue momentum of the SFHT; and Loan exposure concentration on weak German economy. The ratings on Landesbank Hessen-Thueringen (Helaba) and the 50 savings banks in
