The ratings on Landesbank Hessen-Thüringen Girozentrale (Helaba) are based on: the support it receives from the State of Hesse via the maintenance obligation (Anstaltslast) and statutory guarantee (Gewährträgerhaftung) (for full information on the credit quality of the State of Hesse, 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. The ratings on Helaba's Öffentliche Pfandbriefe--including the stable outlook--primarily reflect the amount and quality of Pfandbrief collateral and its
