We equalize our ratings on German federal and state-owned development bank KfW with those on the Federal Republic of Germany, reflecting our opinion of an almost certain likelihood that the bank would receive timely and sufficient extraordinary government support. We are consequently affirming our ratings on KfW at 'AAA/A-1+'. The stable outlook on KfW reflects that on the Federal Republic of Germany and our belief that the explicit and implicit support from the federal government will continue. On Oct. 8, 2015, Standard&Poor's Ratings Services affirmed its 'AAA/A-1+' long- and short-term issuer credit ratings on the German federal and state-owned development bank KfW. The outlook is stable. We equalize our ratings on KfW with those on the Federal Republic
