Fitch affirms KfW

Fitch Ratings said it affirmed KfW's ratings at long-term AAA, short-term F1+ and support 1. The long-term outlook is stable.

Fitch said KfW's ratings are based on its explicit guarantee from the Federal Republic of Germany. In 2002, the German federal government and the European Commission reached an agreement that German development banks would continue to benefit from state guarantees, but only for their development business.

As a result, the KfW-law was amended to ensure a split between its competitive and development businesses. KfW has formed an independent entity, KfW IPEX Bank, legally structured within the parent, to undertake its competitive business.

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