A group credit profile based on the regional savings bank sector's cohesiveness and regional protection scheme. A solid retail market position in two of Germany's comparably stronger and well-diversified economic regions. Strong capitalization from high earnings retention. Helaba's modest pre-provision earnings and capital buffers to absorb tail risk from its wholesale-centered business model. High cost base of the savings banks. Continued margin pressure in traditional core products. Standard&Poor's Ratings Services' outlook on the core member banks of Germany-based Sparkassen-Finanzgruppe Hessen-Thueringen (SFHT), including the regional savings banks and their central bank Landesbank Hessen-Thueringen Girozentrale (Helaba), is stable. The stable outlook reflects our assessment that the financial profiles of SFHT and Helaba will remain relatively resilient despite fragile European market
