We have placed our unsolicited 'AAA' long-term sovereign credit rating on the Federal Republic of Germany on CreditWatch with negative implications. KfW's ratings are equalized with those on the Federal Republic of Germany, reflecting our opinion that there is an "almost certain" likelihood that KfW would receive timely and sufficient extraordinary support from the German government. Consequently, we are placing our 'AAA' long-term rating on KfW on CreditWatch with negative implications. We are affirming the 'A-1+' short-term rating. FRANKFURT (Standard&Poor's) Dec. 7, 2011--Standard&Poor's Ratings Services today placed its 'AAA' long-term issuer credit rating on KfW on CreditWatch with negative implications. At the same time, we affirmed the 'A-1+' short-term rating. RATIONALE The CreditWatch placement reflects a
