Strong level of solidarity and cooperation between group members based on ownership and mutual protection scheme. Solid retail market position by member savings banks in two German states, and risk-averse relationship-based business approach by Landesbank Hessen-Thueringen (Helaba). Strong capitalization from sound earnings retention. High cost base of member savings banks. Revenue margin pressure on deposit-funded business model. Concentration risk in commercial real estate lending by Helaba The core member banks of Germany-based Sparkassen-Finanzgruppe Hessen-Thueringen (SFHT) include the 50 regional savings banks and their 69%-owned central bank Landesbank Hessen-Thueringen Girozentrale (Helaba). The stable outlook reflects both S&P Global Ratings' assumption of continued stability in SFHT's group credit profile (GCP) and that we are unlikely to change our view of its highly
