...August 29, 2019 - We believe that KfW will receive sufficient extraordinary support from Germany if needed. - 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. FRANKFURT (S&P Global Ratings) Aug. 29, 2019--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 certain debt issues (the 'p' subscript indicates that we rate only the principal amount). We equalize our ratings on KfW with those on Germany (unsolicited; ###/Stable/A-1+), since we believe that there is an almost certain likelihood...
