On Nov. 29, 2005, Standard&Poor's Ratings Services lowered to 'AA' from 'AA+' its ratings on grandfathered obligations of Landesbank Hessen-Thueringen Girozentrale (Helaba). The outlook on these obligations is negative. The rating action follows and solely mirrors the downgrade of the key guarantor of Helaba's grandfathered obligations, the State of Hesse (Hesse; AA/Stable/A-1+; see related research update entitled "State of Hesse LT Rating Lowered To 'AA' On 2006 Budget And High Debt Levels; Outlook Stable", published earlier today on RatingsDirect, Standard&Poor's Web-based credit analysis system). The rating action is not related to a change in the underlying financial and business profile of Helaba or its owner savings banks (collectively "S-Finanzgruppe Hessen-Thüringen"; SFHT). Therefore, the 'A/A-1' counterparty credit
