Strong support from the Federal Republic of Germany through a legal maintenance obligation (Anstaltslast) to the bank and an explicit guarantee of debt A public policy role that secures the government's continued commitment to its operations Low-risk operational strategy that ensures strong asset quality and risk-weighted capital adequacy ratios 'AAA' rating contingent on federal support through the Anstaltslast and federal guarantee The ratings on KfW are based on the support of the government of the Federal Republic of Germany (AAA/Stable/A-1+) and the bank's public policy role, low-risk businesses, and generally stable financial profile. KfW's liabilities are backed by an explicit federal government guarantee. In addition, KfW--an institution incorporated under German public law--benefits from the federal government's maintenance obligation (Anstaltslast). This
