S&P Global Ratings on Aug. 14 affirmed the A/A-1 long- and short-term issuer credit ratings of 49 savings banks in Hesse and Thuringia and their majority-owned central bank Landesbank Hessen-Thüringen Girozentrale, or Helaba, and revised the outlook on the long-term ratings to stable from positive.

The rating agency said it continues to see the banks, which are collectively known as Sparkassen-Finanzgruppe Hessen-Thueringen, as a strong, well-capitalized mutual banking group, but has doubts over the material increase of its capitalization.

S&P Global Ratings noted the outlook is stable as it expects continued stability of Sparkassen-Finanzgruppe Hessen-Thueringen's group credit profile, while the agency is unlikely to change its view of the group as highly strategic to the national German savings banks network.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.