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Summary: KfW Dec 11

  • ID: 2034699
  • December 2011
  • Standard & Poors
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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 READ MORE >

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KfW

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