KfW IPEX-Bank GmbH May 12
- ID: 2127798
- May 2012
- Standard & Poors
Extremely high likelihood of extraordinary government support. Strong implicit benefits due to KfW ownership. Unlimited access to liquidity and funding through KfW. Expertise on special lending niches. Monoline business profile as a provider of export and project finance. Concentrated risk profile. Modest profitability. Standard & Poor's Ratings Services' outlook on KfW IPEX-Bank GmbH (IPEX) is stable because we consider it highly unlikely that IPEX's ownership structure or its parent's strong commitment to IPEX would change within the next two years. IPEX' 100% parent is the largest German development bank KfW (AAA/Stable/A-1+). KfW itself is 80% owned by the Federal Republic of Germany (unsolicited ratings AAA/Stable/A-1+) and 20% by the federal states. Any rating action on KfW and on Germany will...
Companies mentioned in this report are:
- KfW IPEX-Bank GmbH
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Research Type: Full Analysis