Almost certain likelihood of support from the German government. Explicit guarantee from the German government of KfW's financial liabilities, which S&P Global Ratings considers would ensure timely payment, 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 KfW's capital requirements. The stable outlook reflects the outlook on Germany. Any rating action on Germany would likely be mirrored by a similar action on KfW. It also indicates that we expect KfW to remain an integral part of the government's economic development policies. This should enable the bank to maintain its public law status and secure
