Almost certain likelihood of support from the Federal Republic of Germany. German government provides explicit guarantee of KfW's financial liabilities, which we regard as timely in practice. Legal maintenance obligation and dedicated role as key development bank. Low profit margins in delegated business fields, mitigated by a legal ban on dividend payouts. Increasing complexity of bank regulation, which might increase the capital requirements for KfW. The stable outlook reflects the outlook on the Federal Republic of Germany. Any rating action on Germany will be mirrored on KfW. It also reflects our expectation that KfW will remain an integral part of the government's economic development policies. This should enable the bank to maintain its public law status and secure ongoing federal
