The ratings on Germany-based Sparkassen-Finanzgruppe Hessen-Thueringen (SFHT) core group members, which include the 50 savings banks in the states of Hesse (AA/Stable/A-1+) and Thuringia (not rated) and its 85% owned central institution Landesbank Hessen-Thueringen Girozentrale (Helaba), are based on the aggregate creditworthiness and expected solidarity support among member banks under emerging stress. The aggregate creditworthiness of SFHT is essential for Standard&Poor's ratings, because we view SFHT as a single, cohesive economic group under our criteria. Moreover, the ratings on Helaba incorporate our assessment of its ties to its 10% owner, Hesse, and our view of Helaba's high systemic importance to Germany. The combination of implicit ownership support from the regional savings banks and Hesse continues to grant the
