On July 25, 2002, Standard&Poor's Ratings Services revised to negative from stable its outlook on obligations maturing until July 18, 2005, incurred by Landesbank Hessen-Thueringen Girozentrale (Helaba), Hamburgische Landesbank Girozentrale (HLB), and Westdeutsche Landesbank Girozentrale (WestLB). The outlook revision follows that on the banks' respective key guarantors, the State of Hesse (AAA/Negative/A-1+), the City - State of Hamburg (AA/Negative/A-1+), and the state of North Rhine-Westphalia (AA+/Negative/A-1+). (See related media release titled "Hesse, North Rhine-Westphalia, and Hamburg Outlook Revised to Neg Due to Falling Tax Revenues", published earlier today on RatingsDirect, Standard&Poor's Web-based credit analysis system.) The outlook on WestLB's triple-'A' rated Öffentliche Pfandbriefe remains stable. At the same time, Standard&Poor's affirmed its counterparty credit
