This report does not constitute a rating action. Overview Key strengths Key risks Almost certain likelihood of timely and sufficient extraordinary support from Hesse government in the event of financial distress. Complex structure as an institute-within-institute, relying on Helaba's banking license and various support services. Critical public policy role for, and integral link with, the government for implementing government economic policies. Small and almost no own or separate tangible capital with the Helaba umbrella fulfilling all capital requirements. Twofold guarantee mechanism covers liabilities. The stable outlook on Wirtschafts- und Infrastrukturbank Hessen (WIBank) reflects that on the state of Hesse. We believe the bank's status as Hesse's key tool in implementing economic and social development policies, and its explicit guarantee, will
