We consider there is 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. The bank has low-risk assets, comprising predominately secured loans. We deem the explicit guarantee from the Federal Republic of Germany covering KfW's liabilities as practically timely. In addition, KfW benefits from the government's legal maintenance obligation (Anstaltslast). KfW is fully dependent on its legal set-up as decided by the federal government, as well as on any extraordinary support from the federal government, if needed. S&P Global Ratings equalizes its
