We revised our outlook on the German State of Hesse to negative from stable on Oct. 23, 2020. We equalize our ratings on Wirtschafts- und Infrastrukturbank Hessen (WI Bank) with those on the state because we believe the bank enjoys an almost certain likelihood of extraordinary government support if necessary. We are therefore revising our outlook on WI Bank to negative from stable, and affirming the ratings at 'AA+/A-1+' On Oct. 28, 2020, S&P Global Ratings revised its outlook to negative from stable on Wirtschafts- und Infrastrukturbank Hessen (WI Bank), the German State of Hesse's bank for the promotion of local economic and social development. We also affirmed our 'AA+/A-1+' long- and short-term issuer credit ratings on the bank. The
