S&P affirms KfW

S&P said it affirmed its AAA long-term and A-1+ short-term issuer credit ratings on German federal and state-owned development bank Kreditanstalt fur Wiederaufbau (KfW). The outlook is stable.

At the same time, S&P affirmed its AAA/A-1+ long- and short-term issue ratings on KfW's unsecured debt, and AAAp ratings on certain debt issues (the p subscript indicates that S&P rates only the principal amount).

“We equalize our ratings on KfW with those on Germany (unsolicited; AAA/stable/A-1+), since we believe that there is an almost certain likelihood that KfW – an institution incorporated under German public law – would receive timely and sufficient extraordinary support from the German government in the event of financial distress.

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