The ratings on German state-owned development bank KfW are based on Standard&Poor's Ratings Services' view of the support KfW receives from the government of the Federal Republic of Germany (AAA/Stable/A-1+) and the bank's public policy role. An explicit federal government guarantee backs KfW's liabilities. 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 KfW's economic health and maintain its ability to operate and meet its obligations in a timely manner. KfW plays a critical role in the implementation of federal government economic policies and has an integral link with the federal government and, to a
