The ratings on the members of Germany's Sparkassen-Finanzgruppe Hessen-Thueringen (SFHT), which includes the 50 savings banks in the states of Hesse (AA/Stable/A-1+) and Thuringia (not rated) and their central institution Landesbank Hessen-Thueringen Girozentrale (Helaba), are based on Standard&Poor's Ratings Services view of SFHT as a single, cohesive economic group. Accordingly, the ratings reflect the aggregate financial strength of the SFHT's member banks. The counterparty credit ratings on the individual banks are also at the same level. This means that the ratings on individual member banks benefit from the implicit mutual support within the group, which in the case of Helaba results in a two-notch uplift above its stand-alone credit quality. The 'AAA' rating on Helaba's senior secured Öffentliche
