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+). On July 17, 2001 the European Commission (EC) announced that the existing state guarantees for the German Landesbanks will be phased out by 2015. Anstaltslast and Gewährträgerhaftung can be maintained in their present form until July 18, 2005. New obligations incurred after July 18, 2001 and maturing after Dec. 31, 2015 will no longer benefit from Anstaltslast and Gewährträgerhaftung. (For more details on the EC decision, see press release from July 19, 2001, available on RatingsDirect). The accord reached between the EC and the German authorities assures a transition period during which the Landesbanks can
