Fitch affirms German banks

Fitch Ratings said it affirmed KfW, Landwirtschaftliche Rentenbank and NRW.Bank's issuer default ratings at AAA with a stable outlook.

Fitch also affirmed KfW, Rentenbank and NRW.Bank's short-term issuer default ratings at F1+, senior long-term ratings at AAA and senior short-term ratings at F1+ and Rentenbank and KfW's market linked securities at AAAemr.

KfW and Rentenbank are development banks acting throughout Germany, Fitch said. NRW.Bank is a development bank in its respective federal states.

The long-term issuer default ratings of the development banks are equalized with the ratings of their state owners, thanks to the extremely strong support obligations, provided to them by the federal or local governments, the agency said.

The ratings of KfW and Rentenbank are based on the extremely high probability of support, if ever needed, from Germany (AAA/stable), the agency said.

NRW.Bank's ratings are based on the extremely high probability of support from its majority owner the State of North Rhine-Westphalia (AAA/stable), the agency added.

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