This report does not constitute a rating action. Overview Key strengths Key risks Almost certain likelihood of timely and sufficient extraordinary support from the State of Hesse in the event of financial distress. Complex structure as an institution-within-an-institution, relying on Landesbank Hessen-Thueringen's banking license and various support services. Critical public policy role for and integral link with the regional administration due to the bank’s role in implementing government economic policies. Almost no own or separate tangible capital, with the Helaba umbrella fulfilling all capital requirements. Two-fold guarantee mechanism covering liabilities. S&P Global RatingsexpectsWirtschafts- und Infrastrukturbank Hessen (WIBank) to maintain its essential position as the sole development bank for the state of Hesse. We foresee no changes to the state's guarantee
