We equalize our ratings on German federal and state-owned development bank KfW with those on Germany, reflecting our opinion of an almost certain likelihood that the bank would receive timely and sufficient extraordinary government support. We regard the government's explicit guarantee of KfW's liabilities as timely in practice, while KfW also benefits from the government's legal maintenance obligation. We are consequently affirming our 'AAA/A-1+' ratings on KfW. The stable outlook reflects that on Germany and our belief that the federal government's explicit and implicit support for KfW will continue. On Oct. 29, 2018, S&P Global Ratings affirmed its 'AAA' long-term and 'A-1+' short-term issuer credit ratings on German federal and state-owned development bank Kreditanstalt für Wiederaufbau (KfW). The outlook is
