KfW's €20 Million Digital 2024 Issuance Rated 'AAA'

FRANKFURT (S&P Global Ratings) Dec. 20, 2022--S&P Global Ratings today assigned its 'AAA' issue rating to the recent €20 million two-year senior unsecured bond issued by German state-owned promotional bank KfW (AAA/Stable/A-1+). We equalize the issue rating on the bond with our long-term issuer credit rating on KfW. This is the first time that KfW has issued a bond in the form of a central register security under the German Electronic Securities Act. In this case, an entry in the electronic securities register replaces the conventional process of the issuer creating a physical certificate, making it more time efficient. However, clearing continues to occur via a central intermediary rather than on a blockchain, and all payments are made in euros

...December 20, 2022 FRANKFURT (S&P Global Ratings) Dec. 20, 2022--S&P Global Ratings today assigned its '###' issue rating to the recent 20 million two-year senior unsecured bond issued by German state-owned promotional bank KfW (###/Stable/A-1+). We equalize the issue rating on the bond with our long-term issuer credit rating on KfW. This is the first time that KfW has issued a bond in the form of a central register security under the German Electronic Securities Act. In this case, an entry in the electronic securities register replaces the conventional process of the issuer creating a physical certificate, making it more time efficient. However, clearing continues to occur via a central intermediary rather than on a blockchain, and all payments are made in euros as a fiat currency, despite the instrument being labeled a digital issue. The modified issuance procedure for this transaction has no credit rating impact. Our ratings on KfW reflect the bank's critical role for and integral link...

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