The ratings on DGZ Deka Bank Deutsche Kommunalbank (DGZ Deka) draw key support from the statutory guarantee obligation (Gewährträgerhaftung) of 10 German Landesbanks, the ratings of which are based directly or indirectly on the maintenance obligation (Anstaltslast) and Gewährträgerhaftung of the respective states. Standard&Poor's regards DGZ Deka's financial profile as sound. The 10 Landesbanks are jointly and severally responsible for DGZ Deka's obligations to the extent that the creditors are unable to obtain full payment from the bank's assets. Standard&Poor's relies less on indirect state guarantees, however, as in the case of DGZ Deka, because direct state guarantees are the strongest form of creditor protection, as only these would give creditors a direct claim on the
