We believe that KfW will receive sufficient extraordinary support from Germany if needed. 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. On Aug. 29, 2019, 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 stable. At the same time, we affirmed our 'AAA/A-1+' long- and short-term issue ratings on KfW's unsecured debt, and 'AAAp' ratings on certain debt issues (the 'p' subscript indicates that we rate only the principal amount). We
