Summary: KfW Dec 11
Standard & Poors, December 2011
Abstract
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 KfW's economic health and maintain its ability to operate and meet its obligations in a timely manner. Standard & Poor's Ratings Services believes that there is an "almost certain" likelihood that KfW would receive timely and sufficient extraordinary support from the government of the Federal Republic of Germany (AAA/Watch Neg/A-1+) in an event of financial distress. In accordance with our criteria for government-related entities (GREs), we are of the view that KfW has: A "critical" role in implementing...
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
KfW
Customers who bought this item also bought
All rights reserved. © Copyright 2013 Research and Markets WWW5
Terms and Conditions Privacy Policy Publishers Employment Opportunities Site Map Link to us Webmaster Affiliate Network
