We consider there's an almost certain likelihood that KfW would receive timely and sufficient extraordinary support from the German government in an event of financial distress. We see KfW as having a critical public policy role for, and integral link with, the government because it supports the government's economic policy objectives. An explicit guarantee from the Federal Republic of Germany covers KfW's liabilities, and KfW benefits from the government's legal maintenance obligation ("Anstaltslast"). The rating is contingent on government support through the maintenance obligation and federal guarantee. Standard&Poor's Ratings Services' stable outlook on German federal and states-owned development bank KfW reflects that on Germany. We believe that the explicit and implicit support from the federal government will continue,
