On Aug. 26, 2003, Standard&Poor's Ratings Services lowered its long-term counterparty credit and certificate of deposit ratings on Germany-based Landesbank Hessen-Thueringen Girozentrale (Helaba) to 'AA+' from 'AAA'. The 'A-1+' short-term ratings were affirmed. The outlook is negative. In a related action, Standard&Poor's also lowered its long-term counterparty credit and certificate of deposit ratings on Helaba's Ireland-based subsidiary, Helaba Dublin Landesbank Hessen-Thueringen International (Helaba Dublin) to 'AA' from 'AA+'. The 'A-1+' short-term ratings were affirmed. The outlook is negative. The rating action followed the downgrade of Helaba's key guarantor, the State of Hesse (Hesse; AA+/Stable/A-1+; see Standard&Poor's media release entitled "State of Hesse Long-Term Ratings Cut to 'AA+' On Weakening Budget Performance; Outlook Stable", published
