Research Update: Landesbank Hessen-Thueringen Girozentrale Jul 02

Standard & Poors, July 2002

Abstract
On July 25, 2002, Standard & Poor's Ratings Services revised to negative from stable its outlook on obligations maturing until July 18, 2005, incurred by Landesbank Hessen-Thueringen Girozentrale (Helaba), Hamburgische Landesbank Girozentrale (HLB), and Westdeutsche Landesbank Girozentrale (WestLB). The outlook revision follows that on the banks' respective key guarantors, the State of Hesse (AAA/Negative/A-1+), the City - State of Hamburg (AA/Negative/A-1+), and the state of North Rhine-Westphalia (AA+/Negative/A-1+). (See related media release titled "Hesse, North Rhine-Westphalia, and Hamburg Outlook Revised to Neg Due to Falling Tax Revenues", published earlier today on RatingsDirect, Standard & Poor's Web-based credit analysis system.) The outlook on WestLB's triple-'A' rated -ffentliche Pfandbriefe remains stable. At the same time, Standard & Poor's affirmed its counterparty credit...

Companies mentioned in this report are: Landesbank Hessen-Thueringen Girozentrale,WestLB AG (Unsolicited Ratings),Hesse (State of),Hamburgische Landesbank Girozentrale
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Landesbank Hessen-Thueringen Girozentrale,WestLB AG (Unsolicited Ratings),Hesse (State of),Hamburgische Landesbank Girozentrale

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