The ratings on Landesbank Hessen-Thüringen Girozentrale (Helaba) are based on: the support it receives from the State of Hesse (AA+/Stable/A-1+) via the maintenance obligation (Anstaltslast) and statutory guarantee (Gewährträgerhaftung) (for full information on the credit quality of the state, see the full analysis on RatingsDirect); the bank's prominent market position in the state; and its importance for the state's economy. The guarantees by its owners will be maintained until July 18, 2005. Any obligations incurred by Helaba after July 18, 2001, and maturing after 2015, however, are not guaranteed and Standard&Poor's issue ratings on these would be lower. With total consolidated assets of €153 billion at Dec. 31, 2002, Helaba is the sixth-largest German Landesbank. It operates primarily
