On March 9, 2006, Standard&Poor's Ratings Services assigned its 'A/A-1' ratings to all 50 savings banks in the German states of Hesse and Thuringia, which are also members of the "S-Finanzgruppe Hessen-Thueringen" (SFHT; for complete list of newly assigned issuer credit ratings see below). The outlooks are stable. The ratings on the savings banks are based on Standard&Poor's view of the SFHT as a cohesive, single economic group, and reflect the aggregate financial strength of its member banks. Standard&Poor's expects that improving cooperation and integration will further enhance the banks' financial strength. The 50 savings banks in Hesse and Thuringia and Landesbank Hessen-Thueringen Girozentrale (Helaba) represent the SFHT's key member institutions. The SFHT benefits
