Aggregate financial strength and cohesiveness of the Savings Banks and Landesbank Hessen-Thüringen (Helaba); Cooperation and bilateral agreements with savings banks underpinned by a limited protection scheme; and Helaba's conservative underwriting standards and comfortable collateral positions. Low profitability and poor internal capital generation; Limited revenue diversification; and Reliance on wholesale funding. The unguaranteed ratings on Germany-based Landesbank Hessen-Thüringen (Helaba) are based on Standard&Poor's view of the "S-Finanzgruppe Hessen-Thüringen" (SFHT)--combining Helaba and its owner savings banks--as a single economic group including implicit ownership support for Helaba from the State of Hesse (AA+/Stable/A-1+). The ratings also reflect the expectation that the cooperation and integration within the group will ultimately enhance the financial strength of the member banks, and that Helaba will
