Summary: KfW

S&P Global Ratings equalizes its ratings on German development bank KfW with those on Germany (unsolicited; AAA/Stable/A-1+), since it believes that there is an almost certain likelihood that KfW--an institution incorporated under German public law--would receive timely and sufficient extraordinary support from the German government in the event of financial distress. KfW's liabilities are backed by an explicit federal government guarantee, and the federal government is required to safeguard KfW's economic health and maintain its ability to operate and meet its obligations in a timely manner. We consider KfW to be a government-related entity (GRE), based on our view of its: Critical role for the federal government, given that KfW is Germany's flagship development bank and among the country's largest

...S&P Global Ratings equalizes its ratings on German development bank KfW with those on Germany (unsolicited; ###/Stable/A-1+), since it believes that there is an almost certain likelihood that KfW--an institution incorporated under German public law--would receive timely and sufficient extraordinary support from the German government in the event of financial distress. KfW's liabilities are backed by an explicit federal government guarantee, and the federal government is required to safeguard KfW's economic health and maintain its ability to operate and meet its obligations in a timely manner. We consider KfW to be a government-related entity (GRE), based on our view of its: + Critical role for the federal government, given that KfW is Germany's flagship development bank and among the country's largest financial institutions. The government uses KfW to implement its economic policy goals, for instance through subsidized loan programs; and + Integral link with Germany's federal government...

Summary