...+ We equalize our ratings on German federal and state-owned development bank KfW with those on Germany, reflecting our opinion of an almost certain likelihood that the bank would receive timely and sufficient extraordinary government support. + We regard the government's explicit guarantee of KfW's liabilities as timely in practice, while KfW also benefits from the government's legal maintenance obligation. + We are consequently affirming our '###/A-1+' ratings on KfW. + The stable outlook reflects that on Germany and our belief that the federal government's explicit and implicit support for KfW will continue. FRANKFURT (S&P Global Ratings) Oct. 29, 2018--S&P Global Ratings today affirmed its '###' long-term and 'A-1+' short-term issuer credit ratings on German federal and state-owned development bank Kreditanstalt fnr Wiederaufbau (KfW). The outlook is stable. At the same time, we affirmed our '###/A-1+' long- and short-term issue ratings on KfW's unsecured debt, and 'AAAp' ratings on...
