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+). (For more information on the State of Hesse, see full analysis on RatingsDirect, Standard&Poor's Web-based credit analysis system.) 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. The accord reached between the EC and the German authorities assures a transition period during which
