The credit ratings on KfW are based on the support of the government of the Federal Republic of Germany (AAA/Stable/A-1+) and the bank's public policy role, low-risk businesses, and generally stable financial profile. KfW's liabilities are backed by an explicit federal government guarantee. In addition, KfW--an institution incorporated under German public law--benefits from the federal government's maintenance obligation (Anstaltslast). This requires the founder of a public law entity, in KfW's case the federal government, to safeguard the institution's economic health and maintain its ability to operate and perform obligations as they fall due. KfW is Germany's flagship public development bank and ranks among the 10 largest financial institutions in Germany, with total assets of €354 billion (based on International Financial
