We consider there's an almost certain likelihood that KfW would receive timely and sufficient extraordinary support from the German government in the event of financial distress. We see a critical public policy role for and integral link with the government for KfW 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). KfW is fully dependent on its legal set up decided by the federal government, and, if required, any extraordinary support from the federal government. S&P Global Ratings' stable outlook on German development bank KfW reflects that on Germany as well as its expectation that the likelihood of extraordinary
