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 Germany and our belief that the explicit and implicit support from the federal government will continue. On Oct. 24, 2016, S&P Global Ratings affirmed its 'AAA/A-1+' long- and short-term issuer credit ratings on German federal and state-owned development bank KfW. The outlook is stable. At the same time we affirmed our long- and short-term issue ratings on the unsecured debt of KfW at
