FRANKFURT (Standard&Poor's) Dec. 17, 2007--Standard&Poor's Ratings Services said today it assigned its 'A-1+' short-term debt ratings to the new $10 billion U.S. commercial paper (CP) program issued by Germany's public development bank KfW (AAA/Stable/A-1+). Issuance under this new CP program will replace issuance under the same-size U.S. CP program of KFW International Finance Inc., a financing vehicle fully owned by KfW, the debt of which is unconditionally and irrevocably guaranteed by KfW. KfW's U.S. CP and €20 billion euro CP programs are important components in its overall funding and liquidity strategy. In 2006, a total of €101 billion was issued under the two programs, in addition to €54 billion of long-term funding. The credit ratings on
