The counterparty credit ratings and guaranteed debt ratings on DekaBank Deutsche Girozentrale (DekaBank) are supported by the statutory guarantee (Gewährträgerhaftung) of ten German Landesbanks, the ratings on which are based directly or indirectly on the maintenance obligation (Anstaltslast) and Gewährträgerhaftung of the respective states--which can be maintained until July 18, 2005, only. In the case of DekaBank, but in contrast to directly state-owned Landesbanks, Standard&Poor's relies less on indirect state guarantees, because such guarantees would not give creditors a direct claim on the state guarantors. The ratings on DekaBank Bank's public sector (Öffentliche) Pfandbriefe--irrespective of their maturity--are based on the amount and quality of the collateral and its cash flow adequacy, coupled with the protections afforded by German
