Almost certain likelihood of support from Germany. Financial liabilities are explicitly guaranteed by the German government, which we regard as timely in practice. Legal maintenance obligation and dedicated role as a 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 its capital requirements. S&P Global Ratings' stable outlook on KfW reflects the outlook on Germany. Any rating action on Germany will be followed by a similar action 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 government support,
