The counterparty 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), continue to be based on the aggregate creditworthiness and expected solidarity support among member banks. This reflects Standard&Poor's Ratings Services' view of SFHT as a single, cohesive economic group of legally independent institutions under our criteria, and our opinion that a core member of the SFHT would receive extraordinary group support in an emerging stress scenario. In addition, the counterparty ratings on Helaba include our assessment of its close ties to the state of Hesse (which owns 10%) and our view of
