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), continue to be based on our view of SFHT as a single, cohesive economic group and on expected mutual support among member banks. Accordingly, the counterparty credit ratings on the individual banks are at the same level. The ratings on Helaba are also supported by Helaba's ties to its 10% owner, the State of Hesse. The ratings also reflect Standard&Poor's Ratings Services' assessment that Helaba is highly systemically important to Germany. Consequently, Standard&Poor's believes that government support would be forthcoming to Helaba
