The ratings on Landesbank Hessen-Thueringen (Helaba) and the 50 savings banks in the German states of Hesse and Thuringia (Savings Banks)--collectively "Sparkassen-Finanzgruppe Hessen-Thueringen" (SFHT)--are based on Standard&Poor's Ratings Services' view of the SFHT member banks as a cohesive, single economic group, and reflect the aggregate financial strength of its member banks. The sector benefits from very strong capitalization of the savings banks, their strong regional market position, sound retail deposit base, and earnings stability. These strengths are partly offset by the sector's high cost base and low revenue momentum, and concentration on lower-margin low growth activities, as well as by Helaba's comparatively weaker earnings level and risk profile as a wholesale central institution of the sector, and by
