Landesbank Hessen-Thueringen Girozentrale/Sparkassen-Finanzgruppe Hessen-Thueringen Aug 09

Standard & Poors, August 2009

Abstract
Sector cohesiveness and a regional protection scheme Sound sector capitalization Strong retail market penetration in Hesse and Thuringia The savings banks' stable retail deposit base Prudent risk governance Helaba's modest profitability and more volatile financial profile, inherent in its wholesale-centered business model The savings banks' high and inflexible cost base and exposure to margin erosion Lack of adequate incentives to improve profitability Weaknesses in high-margin retail growth products The ratings on the members of Germany's Sparkassen-Finanzgruppe Hessen-Thueringen (SFHT), which includes the 50 savings banks in the states of Hesse (AA/Stable/A-1+) and Thuringia (not rated) and their central institution Landesbank Hessen-Thueringen Girozentrale (Helaba), continue to be based on our view of SFHT as a single, cohesive economic group and on expected...

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.

Research Type: Full Analysis

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