FRANKFURT (Standard&Poor's) Jan. 16, 2009—Standard&Poor's Ratings Services today affirmed its 'AAA' credit rating on the Öffentliche Pfandbriefe issued under the current debt issuance programs of Landesbank Hessen-Thueringen Girozentrale (HELABA). This affirmation follows the regular review of the HELABA public sector covered bond program, which is part of our covered bond rating process. HELABA follows a buy and hold strategy and although risk is constantly surveilled, we do not expect HELABA to actively purchase and sell assets in the cover pool. While the demise of the grandfathered guaranteed lending to savings banks may lead to a shift in the general risk profile, we expect HELABA to maintain an overall sound risk profile. The rating on HELABA's Öffentliche
