Standard&Poor's has revised its methodology for rating government-related entities. We are affirming the 'AAA/A-1+' ratings on KfW based on the explicit guarantee and the maintenance obligation ("Anstaltslast") of the Federal Republic of Germany. We consider it as almost certain that the federal government would provide extraordinary support should the need arise. The stable outlook reflects our expectation that the explicit and implicit support from the German government will continue. On July 2, 2009, Standard&Poor's Ratings Services affirmed its 'AAA/A-1+' long- and short-term issuer credit ratings on government-owned KfW, Germany's flagship development bank. The outlook is stable. The affirmation is based on Standard&Poor's updated criteria, detailed in the article "Enhanced Methodology And Assumptions For Rating
