German Development Bank KfW Ratings Affirmed At 'AAA/A-1+'; Outlook Stable

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, and KfW benefits from the government's legal maintenance obligation. We are consequently affirming our 'AAA/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. 25, 2017--S&P Global Ratings said today that it has affirmed its 'AAA/A-1+' long- and short-term issuer credit ratings on German federal and state-owned development bank KfW. The

...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, and KfW 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. 25, 2017--S&P Global Ratings said today that it has affirmed its '###/A-1+' long- and short-term issuer credit ratings on German federal and state-owned development bank 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'...

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