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 that there's an "almost certain" likelihood that KfW would receive timely and sufficient extraordinary support from the German government in the event of financial distress. We see KfW as having a "critical" public policy role for, and "integral" link, with the government because it supports the government's economic policy objectives. The rating is contingent on government support through the maintenance obligation and federal guarantee. The stable outlook on German state-owned development bank KfW reflects that on the Federal Republic of Germany. Standard&Poor's Ratings Services believes that the explicit and implicit support from the federal
