The ratings on Landesbank Hessen-Thüringen Girozentrale (Helaba) are based on the operating maintenance obligation (Anstaltslast) and statutory guarantee (Gewährträgerhaftung) of the State of Hesse (AAA/Stable/A-1+). A full analysis on the State of Hesse is available on RatingsDirect, Standard&Poor's Web-based credit analysis system. On Jan. 1, 2001, the State of Hesse acquired a 10% stake in Helaba from the Savings Banks and Giro Association of Hesse-Thuringia (Sparkassen- und Giroverband Hessen-Thüringen), which Standard&Poor's views as strong evidence of the state's commitment to Helaba, and the bank's importance for the state. From this date, in addition to the Savings Banks and Giro Association, the State of Hesse and the State of Thuringia (which acquired a 5% stake) became jointly
