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KfW IPEX-Bank GmbH May 12

  • ID: 2127798
  • May 2012
  • Standard & Poors


  • KfW
  • KfW IPEX-Bank GmbH
  • MORE

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
- 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

Note: Product cover images may vary from those shown

- KfW IPEX-Bank GmbH
- KfW

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown


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