-- Standard&Poor's has revised its methodology for rating government-related entities. -- We are affirming the 'AAA/A-1+' ratings on KfW based on the explicit guarantee and the maintenance obligation ("Anstaltslast") of the Federal Republic of Germany. -- We consider it as almost certain that the federal government would provide extraordinary support should the need arise. -- The stable outlook reflects our expectation that the explicit and implicit support from the German government will continue. FRANKFURT (Standard&Poor's) July 2, 2009--Standard&Poor's Ratings Services said today it affirmed its 'AAA/A-1+' long- and short-term issuer credit ratings on government-owned KfW, Germany's flagship development bank. The outlook is stable. The affirmation is based on Standard&Poor's updated criteria, detailed
