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KfW Dec 11
Standard & Poors, Dec 2011
Abstract
An explicit guarantee from the Federal Republic of Germany covers KfW's liabilities, and KfW benefits from the government's legal maintenance obligation (Anstaltslast). An 'almost certain' likelihood that KfW would receive timely and sufficient extraordinary support from the German government in an event of financial distress. A critical public policy role and integral link with the government because KfW supports the government's economic policy objectives. The rating is contingent on government support through the maintenance obligation and federal guarantee. The ratings on German state-owned development bank KfW are based on an explicit federal government guarantee for KfW's liabilities. In addition, KfW--an institution incorporated under German public law--benefits from the federal government's maintenance obligation (Anstaltslast), which requires the federal government to safeguard...
Companies mentioned in this report are: KfW
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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