The ratings on Landesbank Hessen-Thüringen Girozentrale (Helaba) are based on the maintenance obligation (Anstaltslast) and statutory guarantee (Gewährträgerhaftung) of the State of Hesse (Hesse; AAA/Negative/A-1+). (For more information on the State of Hesse, see full analysis on RatingsDirect, Standard&Poor's Web-based credit analysis system.) It should be noted that any of the bank's obligations incurred after July 18, 2001, and maturing after 2015, are not guaranteed and that Standard&Poor's issue ratings on these obligations would be lower. On July 17, 2001, the European Commission (EC) announced that the existing state guarantees for 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
