S&P affirms KfW

Standard & Poor's said it affirmed the AAA/A-1+ long- and short-term issuer credit ratings on KfW.

The outlook is stable.

"The 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," S&P analyst Moritz Kraemer said in a statement. "KfW's liabilities are backed by an explicit federal government guarantee."

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