TEXT-S&P corrects, lifts 2 Helaba grandfathered debt rtgs to 'AA-'

Wed Nov 21, 2012 4:29am EST

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(The following statement was released by the rating agency)

Nov 21 - Standard & Poor's Ratings Services today corrected an error relating to its ratings on two issue ratings on grandfathered debt issued by Germany-based Landesbank Hessen-Thueringen Girozentrale (Helaba):

-- EUR100 million medium term note; series H159, due Dec. 14, 2015

-- EUR100 million medium term note; Series H158, due Dec. 17, 2015

Due to an administrative error, we erroneously rated these two issues as senior unsecured debt, rather than grandfathered debt. We have now corrected this error.

RATINGS CORRECTED

To From

Landesbank Hessen-Thueringen Girozentrale

EUR100 million medium-term note;

series H159, due Dec. 14, 2015 AA- A

EUR100 million medium-term note;

series H158, due Dec. 17, 2015 AA- A

RELATED CRITERIA AND RESEARCH

All articles listed below are available on RatingsDirect on the Global Credit Portal, unless otherwise stated.

-- GRE Criteria Review Of Six German And Austrian Banks' Grandfathered Debt Results In Four Downgrades And Two Affirmations; Sept. 20, 2012

-- Banks: Rating Methodology and Assumptions, Nov. 9, 2011

-- Group Rating Methodology And Assumptions, Nov. 9, 2011

-- General Criteria: Rating Government-Related Entities: Methodology And Assumptions, Dec. 9, 2010

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