An explicit guarantee from the Federal Republic of Germany covers KfW's liabilities, and KfW benefits from the government's legal maintenance obligation (Anstaltslast). We consider there's an "almost certain" likelihood that KfW would receive timely and sufficient extraordinary support from the German government in an event of financial distress. We see a "critical" public policy role and "integral" link with the government because KfW supports the government's economic policy objectives. The rating is contingent on government support through the maintenance obligation and federal guarantee. The ratings on German state-owned development bank KfW are based on an explicit federal government guarantee for KfW's liabilities. In addition, KfW--an institution incorporated under German public law--benefits from the federal government's maintenance obligation (Anstaltslast), which requires
