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      Scope affirms KfW's rating at AAA with Stable Outlook

      KFW 5.500 02/09/22 MTN KFW 6.250 05/19/21 MTN KFW 6.000 08/20/20 MTN KFW 4.000 02/27/25 MTN KFW 5.000 03/19/24 MTN KFW 3.000 07/13/45 '18 FRN KFW 3.000 03/27/45 FRN MTN KFW 03/30/37 MTN KFW 5.550 06/07/21 MTN KFW 01/02/43 '19 MTN KFW 5.050 02/04/25 KFW 4.700 06/02/37 KFW 5.500 06/18/25 MTN KFW 4.300 12/15/36 MTN KFW 07/17/37 FRN MTN KFW 2.003 06/10/25 FRN MTN KFW 4.500 01/04/30 '20 MTN KFW 07/17/37 FRN MTN KFW 2.610 07/10/37 FRN MTN KFW 06/01/27 MTN KFW 2.746 05/24/33 '17 MTN KFW 5.750 06/07/32 MTN KFW 4.730 07/12/23 MTN KFW 2.593 02/14/44 FRN MTN KFW 3.000 02/14/33 '23 FRN KFW 6.000 12/07/28 MTN KFW 1.850 10/07/44 '24 MTN KFW 6.250 12/09/22 MTN KFW 3.590 11/07/44 '19 MTN KFW 0.345 12/22/20 FRN MTN KFW 1.456 09/12/44 '24 MTN KFW 0.927 05/08/37 FRN MTN KFW 2.431 11/28/36 FRN MTN KFW 0.302 10/17/25 FRN MTN KFW 2.250 08/12/26 '24 MTN KFW 2.194 03/28/44 '19 FRN KFW 4.660 12/22/29 '19 MTN KFW 0.988 03/23/45 '25 FRN KFW 0.475 08/19/30 FRN MTN KFW 07/30/37 FRN MTN KFW 08/07/37 FRN MTN KFW 7.780 03/09/37 FRN MTN KFW 10/30/34 FRN MTN KFW 4.200 06/07/34 '24 MTN KFW 10/30/34 FRN MTN KFW 1.899 02/06/45 FRN MTN KFW 07/09/37 FRN MTN KFW 08/07/37 FRN MTN KFW 2.400 06/06/44 FRN MTN KFW 2.065 01/31/37 MTN NACT KFW 2.674 04/29/26 FRN MTN KFW 2.380 09/24/30 MTN KFW 4.500 08/20/20 MTN KFW 2.052 12/10/30 FRN MTN KFW 1.116 11/14/44 '24 MTN KFW 0.956 05/18/35 '20 FRN KFW 4.000 03/27/35 FRN MTN KFW 08/07/37 FRN MTN KFW 07/09/37 FRN MTN KFW 3.522 11/18/33 '17 MTN KFW 4.500 05/26/26 MTN KFW 06/06/42 '18 MTN KFW 0.534 02/14/26 FRN MTN KFW 4.000 10/23/34 '17 MTN KFW 2.700 10/02/34 '24 KFW 09/26/44 '17 MTN KFW 6.582 12/19/36 FRN MTN KFW 07/28/31 MTN KFW 3.960 10/13/34 FRN MTN KFW 6.375 12/20/36 FRN MTN KFW 0.916 03/14/44 '25 MTN KFW 2.410 07/01/43 '23 MTN KFW 01/02/43 '19 MTN KFW 0.190 10/09/21 MTN KFW 4.650 02/28/23 MTN KFW 6.000 12/07/28 MTN KFW 3.500 01/22/21 MTN KFW 3.100 06/22/41 '21 MTN KFW 2.650 07/24/37 FRN MTN KFW 03/28/36 FRN MTN KFW 1.501 09/15/20 FRN MTN KFW 4.000 03/24/34 '24 MTN KFW 0.550 01/20/45 FRN MTN KFW 2.080 06/26/45 FRN MTN KFW 2.500 08/08/34 '24 MTN KFW 07/23/37 FRN MTN KFW 4.050 03/24/34 '24 MTN KFW 2.166 10/28/44 FRN MTN KFW 08/13/37 FRN MTN KFW 08/07/37 FRN MTN KFW 08/13/37 FRN MTN KFW 08/13/37 FRN MTN KFW 0.518 06/05/37 FRN MTN KFW 08/13/37 FRN MTN KFW 08/13/37 FRN MTN KFW 3.200 02/13/45 '17 MTN KFW 3.000 01/13/45 FRN MTN KFW 2.600 07/24/37 FRN MTN KFW 07/23/37 FRN MTN KFW 08/13/37 FRN MTN KFW 2.414 09/29/34 '17 MTN KFW 1.378 02/25/28 '17 MTN KFW 3.510 03/28/36 FRN MTN KFW 0.528 03/12/38 FRN MTN KFW 3.000 07/08/41 '21 MTN KFW 07/24/38 FRN MTN KFW 3.100 04/24/43 '17 FRN KFW 4.000 12/12/34 '19 MTN KFW 2.130 10/07/23 MTN KFW 1.333 11/28/44 FRN MTN KFW 2.548 02/05/44 FRN MTN KFW 2.000 07/27/45 FRN KFW 2.658 04/30/24 MTN KFW 8.155 03/02/37 FRN MTN KFW 02/07/25 MTN KFW 4.150 06/05/43 '18 MTN KFW 3.600 11/04/44 '24 FRN KFW 10/21/22 FRN MTN KFW 3.000 07/06/43 '23 MTN KFW 0.558 04/08/43 '17 FRN KFW 4.000 06/01/22 MTN KFW 2.550 07/24/37 FRN MTN KFW 11/25/44 '19 MTN KFW 7.440 11/21/36 FRN MTN KFW 8.500 02/20/37 FRN MTN KFW 2.125 08/07/23 MTN KFW 0.050 11/06/37 FRN MTN KFW 08/20/37 FRN MTN KFW 3.200 09/01/31 MTN KFW 5.255 05/21/25 MTN KFW 3.500 03/05/29 FRN MTN KFW 4.160 06/16/37 MTN KFW 04/24/37 FRN MTN KFW 12/30/26 FRN MTN KFW 0.341 04/13/37 FRN MTN KFW 1.894 03/23/43 '23 KFW 0.811 11/25/44 FRN MTN KFW 1.558 06/23/45 FRN MTN KFW 4.997 03/04/32 '23 MTN KFW 01/18/43 '19 MTN KFW 3.950 02/24/28 '23 MTN KFW 1.527 11/07/30 FRN MTN KFW 08/21/37 FRN MTN KFW 2.400 09/21/44 '26 MTN KFW 4.500 09/29/33 FRN MTN KFW 0.210 05/08/37 FRN MTN KFW 07/09/37 FRN MTN KFW 1.931 02/05/35 '17 MTN KFW 09/26/35 FRN MTN KFW 02/22/43 '19 MTN KFW 2.650 07/24/37 FRN MTN KFW 2.160 07/10/37 FRN MTN KFW 10.000 03/28/36 FRN MTN KFW 3.750 09/25/28 '23 MTN KFW 1.450 09/15/20 MTN KFW 6.389 03/09/37 FRN MTN KFW 0.980 07/30/37 FRN MTN KFW 3.000 04/14/44 '24 FRN KFW 02/09/45 FRN MTN KFW 01/18/43 '19 MTN KFW 0.362 09/08/20 FRN MTN KFW 2.965 02/08/33 '18 FRN KFW 0.379 08/26/20 FRN MTN KFW 2.033 11/25/44 FRN MTN KFW 0.427 08/22/25 FRN MTN KFW 0.130 09/15/21 MTN KFW 2.619 06/02/22 FRN MTN KFW 2.510 07/10/37 FRN MTN KFW 2.148 01/07/44 '24 MTN KFW 4.259 03/01/27 '17 MTN KFW 2.500 07/10/45 '17 MTN KFW 10/16/42 '18 MTN KFW 0.898 10/28/44 FRN MTN KFW 1.519 02/24/26 FRN MTN KFW 4.300 11/27/28 '23 MTN KFW 1.986 10/26/36 FRN MTN KFW 4.650 07/09/32 MTN KFW 07/24/42 '18 MTN KFW 4.650 07/10/24 MTN KFW 3.000 01/13/34 '24 MTN KFW 1.872 02/05/44 FRN MTN KFW 1.436 11/14/34 '24 MTN KFW 06/20/42 '18 MTN KFW 6.300 05/28/32 FRN MTN KFW 3.200 02/25/44 FRN MTN KFW 11/16/37 FRN MTN KFW 10.000 11/28/36 FRN MTN KFW 3.000 01/29/44 '24 MTN KFW 4.375 05/25/21 KFW 0.080 08/17/20 FRN MTN KFW 3.550 07/18/34 '21 FRN KFW 2.000 01/13/45 FRN MTN KFW 1.933 12/15/34 FRN MTN KFW 2.210 07/10/37 FRN MTN KFW 1.971 09/07/34 '17 MTN KFW 3.890 07/10/37 FRN MTN KFW 0.050 06/05/37 FRN MTN KFW 1.437 01/21/21 FRN MTN KFW 3.000 09/26/29 '24 MTN KFW 0.539 02/13/26 FRN MTN KFW 5.000 12/01/20 MTN KFW 07/09/37 FRN MTN KFW 3.293 11/13/37 FRN MTN KFW 07/09/37 FRN MTN KFW 07/03/42 '18 MTN KFW 2.800 03/25/34 FRN MTN KFW 3.500 06/07/33 '17 FRN KFW 4.000 06/07/33 '17 FRN KFW 3.000 02/12/44 FRN MTN KFW 07/17/37 FRN MTN KFW 2.590 06/16/24 MTN KFW 3.500 02/07/34 '19 MTN KFW 1.125 09/02/20 KFW 0.902 02/22/36 FRN MTN KFW 10.000 03/27/37 FRN MTN KFW 0.625 11/28/44 '19 MTN KFW 10/11/42 '18 MTN KFW 2.250 08/21/45 FRN MTN KFW 3.108 01/30/29 '24 FRN KFW 3.300 09/26/34 FRN MTN KFW 2.450 09/29/44 '24 FRN KFW 06/21/37 MTN CALd KFW 10/22/45 '21 MTN KFW 11/08/42 '18 MTN KFW 0.210 07/10/37 FRN MTN KFW 3.486 12/27/33 '23 FRN KFW 4.000 03/18/41 '21 MTN KFW 4.380 07/30/40 FRN MTN KFW 04/24/37 FRN MTN KFW 0.492 09/03/24 '17 MTN KFW 3.500 01/10/34 FRN MTN KFW 1.069 03/25/44 '24 MTN KFW 1.398 05/14/43 FRN MTN KFW 10.000 07/17/37 FRN MTN KFW 05/23/41 '18 MTN KFW 07/17/37 FRN MTN KFW 07/23/37 FRN MTN KFW 0.619 07/05/25 FRN MTN KFW 3.500 06/19/43 FRN MTN KFW 5.422 06/20/33 '23 MTN KFW 2.201 06/16/34 '24 MTN KFW 4.860 01/22/30 '20 MTN KFW 4.370 11/28/30 MTN KFW 0.125 10/27/20 MTN KFW 0.134 09/29/34 '17 MTN KFW 3.600 12/02/44 '17 MTN KFW 07/09/37 FRN MTN KFW 3.000 07/07/34 '18 FRN KFW 4.454 06/16/26 MTN KFW 9.800 08/27/20 MTN KFW 0.339 12/29/20 FRN MTN KFW 2.100 07/15/22 MTN KFW 4.800 03/25/33 FRN MTN KFW 1.059 06/22/26 FRN MTN KFW 11/29/42 '18 MTN KFW 10/23/45 '25 MTN KFW 5.220 07/17/37 FRN MTN KFW 2.700 11/06/34 '17 MTN KFW 3.000 01/07/45 FRN MTN KFW 1.705 03/27/45 FRN MTN KFW 2.867 03/28/33 '17 FRN KFW 2.970 09/26/44 '17 MTN KFW 2.606 07/22/43 '23 FRN KFW 2.050 03/03/25 MTN CALd KFW 1.610 08/17/20 MTN KFW 4.200 03/24/34 '24 MTN KFW 3.500 04/03/34 '24 MTN KFW 0.330 03/25/44 '24 MTN KFW 3.000 09/26/44 FRN MTN KFW 08/20/37 FRN MTN KFW 2.700 03/24/44 '24 MTN KFW 3.000 03/13/45 MTN KFW 0.321 09/24/20 FRN MTN KFW 3.000 09/18/35 FRN MTN KFW 2.300 09/28/22 MTN CALd KFW 08/13/42 '18 MTN KFW 01/30/28 MTN KFW 08/07/37 FRN MTN KFW 0.916 03/28/26 FRN MTN KFW 2.516 06/06/44 FRN MTN KFW 6.136 12/04/36 FRN MTN KFW 3.550 11/20/34 '17 FRN KFW 0.389 07/28/25 FRN MTN KFW 1.850 09/16/44 FRN MTN KFW 2.291 06/24/32 FRN MTN KFW 2.550 04/26/21 MTN KFW 0.695 03/13/26 FRN MTN KFW 0.515 01/24/26 FRN MTN KFW 3.289 07/31/37 FRN MTN KFW 07/17/37 FRN MTN KFW 3.150 03/26/38 MTN KFW 3.200 03/19/35 '18 KFW 1.626 01/13/45 '25 MTN KFW 0.500 08/07/37 FRN MTN KFW 09/24/42 '18 MTN KFW 2.047 09/19/34 '17 MTN KFW 3.500 03/07/33 '17 MTN KFW 08/07/37 FRN MTN KFW 4.316 08/14/45 FRN MTN KFW 1.614 04/24/43 '23 MTN KFW 3.767 11/07/33 FRN MTN KFW 1.973 01/13/45 '25 MTN KFW 08/07/37 FRN MTN KFW 1.485 03/23/26 FRN MTN KFW 2.800 04/06/45 '17 FRN KFW 0.452 11/17/25 FRN MTN KFW 1.100 12/02/21 MTN CALd KFW 08/20/37 FRN MTN KFW 10/30/34 FRN MTN KFW 1.400 02/24/45 '25 MTN KFW 1.818 03/10/38 FRN MTN KFW 2.897 03/22/33 '17 MTN KFW 4.696 06/28/32 FRN MTN KFW 1.700 08/29/34 '24 MTN KFW 3.161 04/07/36 FRN MTN KFW 2.066 03/01/32 FRN MTN KFW 1.800 07/24/37 FRN MTN KFW 10/26/27 FRN MTN KFW 4.628 07/12/21 MTN KFW 3.030 06/05/34 FRN MTN KFW 01/02/43 '19 MTN KFW 2.050 07/24/37 FRN MTN KFW 3.000 08/25/45 '17 FRN KFW 1.550 07/24/37 FRN MTN KFW 4.300 03/24/34 FRN MTN KFW 10/30/42 '18 MTN KFW 2.861 03/15/33 '17 MTN KFW 0.546 09/20/25 FRN MTN KFW 0.548 09/21/25 FRN MTN KFW 4.000 04/11/41 '21 FRN KFW 3.100 12/30/44 '17 MTN KFW 1.550 07/24/37 FRN MTN KFW 3.900 10/16/34 FRN MTN KFW 01/17/43 '19 MTN KFW 2.280 09/25/37 FRN MTN KFW 7.546 12/19/36 FRN MTN KFW 2.426 03/25/27 FRN MTN KFW 1.055 12/21/25 FRN MTN KFW 3.150 10/29/29 FRN MTN KFW 6.291 03/24/22 FRN MTN KFW 5.000 06/09/36 MTN KFW 3.800 01/10/29 '24 FRN KFW 0.546 12/19/25 FRN MTN KFW 3.100 03/25/33 FRN MTN KFW 07/05/42 '18 MTN KFW 5.099 05/15/37 FRN MTN KFW 0.836 12/16/44 '24 MTN KFW 07/09/37 FRN MTN KFW 1.031 03/25/44 '24 MTN KFW 2.543 04/11/44 '17 MTN KFW 05/08/43 '19 MTN KFW 03/10/37 FRN MTN KFW 4.760 09/24/24 MTN KFW 4.875 03/15/37 MTN KFW 02/27/43 '19 MTN KFW 03/16/45 '25 FRN KFW 2.050 06/29/45 FRN KFW 0.635 12/04/27 FRN MTN KFW 4.490 11/08/21 MTN NACT KFW 2.061 03/25/42 FRN MTN KFW 09/17/29 KFW 0.122 10/30/34 FRN MTN KFW 2.548 03/24/44 '24 MTN KFW 4.400 08/08/41 FRN MTN KFW 0.083 09/10/20 MTN KFW 0.375 04/23/30 MTN KFW 1.970 10/08/38 MTN KFW 1.642 06/01/22 FRN MTN KFW 03/28/22 FRN MTN KFW 1.400 08/06/35 '25 MTN KFW 0.101 11/09/20 MTN KFW 3.340 09/01/25 FRN KFW 7.074 11/30/26 FRN KFW 1.375 07/31/35 MTN KFW 08/19/41 '26 MTN KFW 5.000 09/10/24 MTN KFW 02/16/25 FRN KFW 1.987 07/22/33 KFW 2.000 10/30/27 MTN KFW 08/12/26 FRN KFW 2.700 08/08/34 '24 KFW 07/13/21 FRN KFW 4.203 10/27/33 FRN MTN KFW 2.695 07/10/23 FRN MTN KFW 05/21/21 FRN KFW 0.167 08/09/21 MTN KFW 10/30/29 KFW 03/15/21 FRN MTN KFW 0.154 03/10/21 MTN KFW 0.750 12/09/25 FRN KFW 07/09/37 FRN MTN KFW 12/15/32 MTN KFW 07/09/37 FRN MTN KFW 2.050 02/16/26 KFW 2.909 02/24/28 '23 MTN KFW 1.450 02/17/45 FRN KFW 2.600 06/20/37 KFW 1.625 01/15/21 KFW 4.625 01/04/23 KFW 2.125 08/15/23 KFW 2.500 01/17/22 KFW 0.625 01/15/25 KFW 3.500 07/04/21 KFW 08/22/42 '18 MTN KFW 3.375 01/18/21 KFW 1.500 06/11/24 KFW 0.625 07/04/22 KFW 4.600 08/13/29 FRN MTN KFW 1.449 06/18/43 '23 MTN KFW 2.500 08/25/25 KFW 2.250 08/12/20 KFW 2.750 10/01/20 KFW 2.000 05/02/25 KFW 2.750 09/08/20 KFW 06/29/37 KFW 2.000 10/04/22 KFW 2.375 08/25/21 KFW 2.500 11/20/24 KFW 2.750 02/16/37 KFW 1.875 11/30/20 KFW 2.125 01/17/23 KFW 2.625 01/25/22 KFW 04/18/36 KfW EUR 90bn Multi-Currency CP KfW US 30bn CP KFW 5.550 06/07/21 MTN KFW 12/15/31 MTN KFW 03/31/23 KFW 01/15/46 '19 MTN KFW 0.230 01/15/23 MTN KFW 0.375 03/15/23 KFW 3.293 01/12/46 FRN MTN KFW 1.375 02/01/21 MTN KFW 2.800 02/17/21 MTN KFW 1.548 02/23/23 '17 MTN KFW 1.716 01/27/23 '18 MTN KFW 0.500 01/27/21 MTN KFW 1.000 02/10/21 MTN KFW 01/29/46 '31 KFW 1.250 07/04/36 MTN KFW 3.375 02/15/21 MTN KFW 6.000 02/10/21 FRN MTN KFW 1.625 03/15/21 KFW 3.200 09/11/26 MTN KFW 1.618 03/16/23 FRN MTN KFW 03/18/46 MTN KFW 5.460 04/06/21 MTN KFW 0.375 03/09/26 KFW 03/14/36 '18 MTN KFW 1.796 03/23/23 '17 MTN KFW 0.500 03/28/31 KFW 3.000 03/22/21 MTN KFW 2.690 04/12/21 MTN KFW 9.750 02/17/21 MTN KFW 3.650 04/21/21 MTN KFW 2.500 04/21/21 MTN KFW 1.240 04/18/36 '26 KFW 2.600 05/23/41 '26 MTN KFW 05/27/46 '19 MTN KFW 0.050 05/30/24 MTN KFW 05/27/46 '23 MTN KFW 1.500 06/15/21 KFW 0.016 07/01/21 KFW 06/30/21 KFW 06/28/46 '23 MTN KFW 1.110 07/13/46 '26 KFW 2.510 07/12/21 MTN KFW 0.860 08/08/31 '18 MTN KFW 2.760 08/08/46 '17 MTN KFW 7.000 08/09/21 MTN KFW 0.170 08/18/26 '17 MTN KFW 1.027 08/31/46 '26 MTN KFW 4.300 08/25/21 MTN KFW 0.570 09/04/28 KFW 0.755 09/05/30 KFW 1.000 10/12/21 MTN KFW 0.545 09/13/28 KFW 0.350 09/15/20 MTN KFW 0.700 09/22/31 KFW 0.250 09/20/30 KFW 0.250 10/05/28 '18 KFW 0.250 10/05/28 KFW 0.017 09/18/23 KFW 0.800 09/27/30 KFW 09/15/23 KFW 0.250 10/17/28 KFW 0.500 10/20/31 KFW 10/31/46 '21 MTN KFW 2.820 11/08/46 '17 MTN KFW 0.250 10/27/31 MTN KFW 0.250 10/31/28 KFW 0.500 11/03/31 '17 KFW 0.600 11/24/31 '18 KFW 0.860 11/28/28 KFW 0.500 11/24/31 '17 KFW 0.600 12/01/31 KFW 2.000 11/30/21 KFW 12/23/46 '19 MTN KFW 9.000 12/15/21 MTN KFW 2.900 06/06/22 MTN KFW 0.875 03/15/22 MTN KFW 0.125 01/15/24 KFW 0.132 01/15/24 KFW 2.125 03/07/22 KFW 1.125 06/15/37 MTN KFW 0.540 01/23/21 MTN KFW 7.500 12/07/23 MTN KFW 0.645 01/23/21 '18 MTN KFW 01/26/47 '22 MTN KFW 02/15/47 '27 KFW 0.320 02/27/25 MTN KFW 7.000 02/10/22 FRN MTN KFW 0.625 02/22/27 KFW 3.200 02/17/22 MTN KFW 0.150 02/27/24 MTN KFW 0.159 04/18/24 '18 MTN KFW 0.150 04/18/24 '18 MTN KFW 2.125 06/15/22 KFW 04/28/22 KFW 1.000 11/04/20 MTN KFW 0.300 05/04/27 '18 KFW 0.250 06/30/25 MTN KFW 1.635 06/26/42 '19 KFW 0.335 06/16/32 FRN KFW 06/13/22 MTN KFW 0.125 10/04/24 KFW 1.240 07/12/32 '18 MTN KFW 1.125 09/15/32 MTN KFW 0.100 01/18/28 '18 KFW 1.000 07/11/22 FRN MTN KFW 1.780 07/17/47 '32 MTN KFW 1.000 07/21/32 '20 MTN KFW 2.000 09/10/20 MTN KFW 1.750 09/15/21 KFW 0.585 07/26/21 MTN KFW 0.750 07/31/29 '19 KFW 0.750 07/31/29 '19 KFW 0.750 07/31/29 '19 KFW 1.660 08/17/20 MTN KFW 3.200 03/15/28 MTN KFW 0.330 09/07/20 MTN KFW 0.375 12/15/20 MTN KFW 0.500 09/15/27 KFW 3.700 09/19/20 MTN KFW 1.800 10/08/20 MTN KFW 2.000 09/21/22 MTN KFW 10/10/47 '28 KFW 09/25/47 '34 KFW 2.000 09/29/22 KFW 1.790 09/28/20 MTN KFW 12/12/22 FRN MTN KFW 12/15/22 KFW 0.400 10/18/27 KFW 0.400 10/18/27 '19 KFW 0.400 10/18/27 '19 KFW 0.220 10/13/24 MTN KFW 0.400 10/30/27 '19 KFW 0.300 11/08/27 '19 KFW 2.000 10/16/20 MTN KFW 2.500 10/16/20 MTN KFW 2.200 10/25/22 MTN KFW 0.400 11/03/27 '19 MTN KFW 1.600 11/10/37 '18 KFW 0.400 11/15/27 '19 KFW 1.875 12/15/20 KFW 7.500 11/10/22 MTN KFW 1.200 11/22/27 MTN KFW 0.625 01/07/28 MTN KFW 2.375 12/29/22 KFW 0.221 01/15/25 KFW 01/16/48 '28 FRN KFW 0.250 01/19/28 '20 KFW 9.200 01/10/23 MTN KFW 1.000 12/15/22 MTN KFW 0.790 01/23/22 '19 MTN KFW 0.875 01/19/21 MTN KFW 0.460 01/23/23 MTN KFW 2.875 04/03/28 KFW 2.800 01/25/23 MTN KFW 1.125 05/12/22 MTN KFW 3.570 02/09/38 '19 MTN KFW 1.375 02/02/28 MTN KFW 0.974 02/14/28 '20 KFW 3.000 03/07/23 MTN KFW 3.500 02/23/23 MTN KFW 02/22/38 '21 MTN KFW 7.750 03/01/21 MTN KFW 3.000 03/03/22 MTN KFW 0.073 03/07/23 FRN KFW 2.800 03/07/23 MTN KFW 0.125 02/24/23 KFW 3.800 03/23/23 MTN KFW 1.330 03/29/28 MTN KFW 2.625 04/12/21 KFW 1.215 04/24/28 KFW 6.750 10/24/22 MTN KFW 0.375 04/23/25 KFW 0.500 05/08/28 '20 KFW 1.125 05/09/33 MTN KFW 2.875 05/05/22 MTN KFW 1.250 01/19/21 KFW 05/25/21 MTN KFW 7.750 06/06/23 MTN KFW 0.125 06/07/23 KFW 1.500 09/24/20 '19 MTN KFW 2.800 11/12/21 MTN KFW 1.800 10/25/48 '28 MTN KFW 1.250 12/29/23 MTN KFW 0.625 07/18/33 '19 KFW 3.532 06/25/28 KFW 0.325 01/15/26 '20 MTN KFW 1.845 10/19/48 '28 MTN KFW 10/04/38 '20 MTN KFW 1.500 12/11/20 '19 MTN KFW 0.750 06/28/28 KFW 3.125 12/15/21 KFW 1.830 08/13/21 KFW 1.500 10/29/20 '19 MTN KFW 1.500 12/11/20 '19 MTN KFW 0.500 09/28/26 MTN KFW 3.370 07/12/38 '28 MTN KFW 0.500 08/14/28 '20 KFW 0.300 11/27/28 '19 MTN KFW 1.125 12/07/21 MTN KFW 0.500 08/14/28 '20 KFW 2.610 10/15/21 MTN KFW 0.500 08/14/28 '20 MTN KFW 0.125 11/07/23 KFW 0.300 11/27/28 '19 MTN KFW 0.250 09/15/25 KFW 11/13/23 FRN MTN KFW 0.400 06/29/28 '20 MTN KFW 01/10/24 FRN MTN KFW 01/23/24 MTN KFW 01/25/22 FRN KFW 0.750 01/15/29 MTN KFW 2.625 02/28/24 KFW 1.375 12/09/24 MTN KFW 2.000 02/07/22 KFW 04/02/24 MTN KFW 02/11/22 MTN KFW 1.375 12/15/25 MTN KFW 2.500 02/15/22 MTN KFW 0.450 02/20/29 '21 MTN KFW 1.885 02/26/21 MTN KFW 06/29/23 FRN MTN KFW 06/30/22 MTN KFW 2.700 03/15/24 MTN KFW 2.140 03/15/24 MTN KFW 2.000 03/15/2022 MTN KFW 1.625 04/03/24 MTN KFW 0.875 07/04/39 MTN KFW 1.400 09/17/20 '19 MTN KFW 1.500 03/18/21 '19 MTN KFW 2.375 03/24/21 KFW 0.100 04/12/22 MTN KFW 05/16/22 FRN KFW 7.260 03/25/21 MTN KFW 0.010 05/05/27 MTN KFW 1.670 05/24/23 KFW 0.125 06/03/22 MTN KFW 07/04/24 MTN KFW 0.750 06/17/22 MTN KFW 3.015 06/18/21 MTN KFW 06/18/24 MTN KFW 1.824 07/12/21 MTN KFW 6.750 07/15/21 MTN KFW 2.800 07/29/24 MTN KFW 1.500 07/24/24 MTN KFW 01/26/23 MTN KFW 0.875 09/15/26 MTN KFW 1.790 08/06/21 MTN KFW 1.948 08/12/21 MTN KFW 2.550 08/22/22 MTN KFW 1.250 08/28/23 MTN KFW 2.700 08/08/22 MTN KFW 2.490 09/10/23 MTN KFW 2.500 09/23/22 MTN KFW 1.000 09/10/20 '20 MTN KFW 0.110 10/24/29 MTN KFW 09/30/26 MTN KFW 0.050 09/29/34 MTN KFW 0.301 10/15/34 '20 MTN KFW 0.680 11/12/39 '23 MTN KFW 0.788 11/04/39 '21 MTN KFW 0.660 11/12/39 '22 MTN KFW 1.750 03/31/21 MTN KFW 0.885 11/14/39 MTN KFW 1.250 11/12/21 MTN KFW 11/21/22 FRN MTN KFW 1.450 11/27/20 MTN KFW 0.935 12/16/39 MTN KFW 1.030 12/06/49 MTN KFW 0.945 12/17/40 MTN KFW 1.075 12/20/49 '24 MTN KFW 0.875 07/18/24 MTN KFW 1.573 01/13/22 MTN KFW 2.640 01/15/23 MTN KFW 02/18/25 MTN KFW 12/19/2024 KFW 1.700 01/17/22 MTN KFW 2.659 01/15/23 MTN KFW 1.087 01/21/50 '27 MTN KFW 1.625 02/15/23 KFW 1.650 01/27/22 MTN KFW 7.885 01/28/30 MTN KFW 1.920 02/06/21 MTN KFW 7.655 02/11/30 MTN KFW 03/31/27 MTN KFW 1.710 02/18/21 MTN KFW 1.695 02/11/21 MTN KFW 1.000 02/19/21 MTN KFW 1.695 02/17/21 MTN KFW 1.690 02/12/21 KFW 1.500 08/30/21 MTN KFW 02/12/25 FRN MTN KFW 1.000 02/21/25 MTN KFW 1.000 02/27/23 MTN KFW 12.150 03/09/23 MTN KFW 1.000 02/12/21 '20 MTN KFW 1.000 02/12/21 '20 MTN KFW 2.340 03/02/21 MTN KFW 0.910 02/28/22 MTN KFW 8.000 03/18/30 '21 KFW 0.650 03/15/21 MTN KFW 1.500 03/30/30 MTN KFW 0.205 04/06/29 '21 KFW 0.955 04/06/40 '23 MTN KFW 1.768 04/06/50 '21 MTN KFW 0.010 03/31/25 MTN KFW 0.820 04/15/50 '30 MTN KFW 06/30/23 MTN KFW 0.090 04/20/28 '22 MTN KFW 0.245 04/17/30 '22 MTN KFW 0.010 04/24/23 MTN KFW 0.425 04/27/23 MTN KFW 1.000 02/08/50 MTN KFW 0.125 05/14/24 KFW 0.520 05/20/21 MTN KFW 0.527 05/20/21 MTN KFW 1.700 06/02/22 MTN KFW 1.080 06/04/21 MTN KFW 1.020 06/06/22 MTN KFW 0.613 06/10/40 '23 KFW 0.689 06/18/40 '23 KFW 0.730 01/21/50 '30 MTN KFW 0.270 06/17/24 MTN KFW 0.375 07/18/25 KFW 2.055 07/17/23 MTN KFW 0.380 07/14/21 MTN KFW 0.220 01/13/22 MTN KFW 0.265 07/13/22 MTN KFW 0.400 07/15/21 MTN KFW 2.100 07/19/21 MTN KFW 0.405 07/16/21 MTN KFW 09/15/28 MTN KFW 0.400 08/12/40 '21 MTN KFW 0.100 08/27/25 MTN KFW 0.620 01/14/50 MTN KFW 0.750 09/30/30 MTN KFW 0.395 09/05/22 MTN KFW 09/17/30 MTN KFW 0.220 09/10/21 MTN KFW 0.225 09/13/21 MTN KFW 0.240 09/13/21 MTN KFW 2.415 09/14/21 MTN KFW 0.225 09/13/21 MTN KFW 2.690 09/10/21 MTN KFW 0.145 09/16/24 MTN KFW 0.380 09/19/22 MTN KFW 0.280 09/16/21 MTN KFW 0.245 09/15/21 MTN KFW 0.280 09/17/21 MTN KFW 0.275 09/21/21 MTN KFW 0.250 10/19/23 KFW 0.275 09/22/21 MTN KFW 1.000 09/10/21 '21 MTN KFW 0.200 03/21/23 MTN KFW 0.265 09/23/21 MTN KFW 1.300 09/28/22 '21 MTN KFW 3.660 09/28/21 MTN KFW 4.500 09/09/25 MTN KFW 0.170 09/30/21 MTN KFW 2.600 10/11/21 MTN KFW 1.000 10/19/50 '21 MTN KFW 1.027 10/26/50 '21 KFW 3.570 10/13/21 MTN KFW 1.000 10/20/50 '21 MTN KFW 12/15/27 MTN KFW 0.075 10/28/21 MTN KFW 1.000 04/27/22 MTN KFW 0.050 10/25/23 MTN KFW 0.902 11/16/50 '21 MTN KFW 0.210 11/18/37 '23 MTN KFW 3.920 11/10/21 MTN KFW 3.850 11/15/21 MTN KFW 3.750 11/11/21 MTN KfW 4.05 11/18/2021 KfW 0.48 11/19/2040 KfW 0.22 11/19/2035 KfW 4.08 11/25/2021 KfW 4.15 11/25/2021 KFW 0.830 12/09/50 MTN KFW 0.018 06/23/23 MTN KFW 0.880 12/07/50 '21 MTN KFW 0.943 06/09/50 MTN KFW 0.951 09/09/50 MTN KFW 0.918 10/11/50 '21 MTN KFW 0.050 12/14/21 MTN KFW 1.000 12/10/21 MTN KFW 0.816 12/19/50 MTN KFW 01/10/31 MTN KFW 0.125 12/30/26 MTN KFW 0.050 01/12/22 MTN KFW 7.100 01/21/31 MTN KFW 2.000 01/14/22 MTN KFW 0.050 01/13/22 MTN KFW 0.050 01/18/22 MTN KFW 0.160 01/16/23 MTN KFW 0.625 01/22/26 KFW 5.800 01/19/28 MTN KfW 4.28 01/19/2022 KFW 7.100 01/28/31 KFW 0.020 01/21/22 MTN KFW 7.100 01/28/31 MTN KFW 0.125 05/16/23 MTN KFW 2.140 01/26/24 MTN KFW 4.400 07/25/25 MTN KFW 02/02/26 MTN KFW 4.620 02/04/22 MTN KFW 4.540 02/08/22 MTN KFW 0.600 02/16/51 KFW 0.050 02/11/22 MTN KFW 0.050 02/11/22 MTN KFW 0.160 02/16/36 MTN KFW 7.200 02/23/31 MTN KFW 0.050 02/10/22 MTN KFW 0.050 02/17/22 MTN KFW 02/12/24 FRN MTN KFW 0.990 02/12/51 MTN KFW 0.683 02/22/51 MTN KFW 0.050 02/18/22 MTN KFW 0.750 02/19/26 KFW 0.080 02/15/34 MTN KFW 4.390 02/22/22 MTN KFW 0.680 02/23/51 MTN KFW 1.000 02/10/26 MTN KFW 0.650 02/24/41 '24 MTN KFW 2.690 02/25/22 MTN KFW 6.440 03/03/28 MTN KFW 7.600 03/04/31 MTN KFW 1.000 02/24/22 MTN KFW 3.100 03/04/24 MTN KFW 1.000 02/24/22 MTN KFW 0.250 03/08/24 KFW 0.965 03/02/46 '23 MTN KFW 0.107 03/10/31 MTN KFW 0.012 03/02/22 MTN KFW 0.175 03/08/32 MTN KFW 0.100 03/09/22 MTN KFW 0.500 03/07/22 MTN KFW 06/15/26 MTN KFW 0.890 03/10/41 MTN KFW 1.208 03/10/51 MTN KFW 0.130 03/13/23 MTN KFW 4.720 03/09/22 MTN KFW 1.125 08/08/25 MTN KFW 0.200 03/11/24 MTN KFW 1.267 03/22/51 MTN KFW 7.805 03/23/28 MTN KFW 03/21/22 MTN KFW 2.520 03/23/26 MTN KFW 0.250 09/09/26 MTN KFW 2.700 03/25/24 MTN KFW 0.625 07/25/25 MTN KFW 5.000 04/12/23 MTN KFW 1.175 04/14/51 MTN KFW 06/15/29 MTN KFW 1.143 04/15/50 MTN KFW 0.250 04/25/23 KFW 2.670 04/14/22 MTN KFW 1.000 04/27/41 KFW 0.100 05/05/22 MTN KFW 8.200 05/13/31 MTN KFW 8.200 05/13/31 MTN KFW 4.640 05/09/22 MTN KFW 1.750 05/19/28 MTN KFW 1.115 05/17/41 MTN KFW 2.480 05/16/22 MTN KFW 0.030 05/20/22 MTN KFW 0.375 05/20/36 MTN KFW 1.271 05/20/51 KFW 4.820 05/20/22 MTN KFW 8.300 05/26/31 MTN KFW 8.300 05/26/31 MTN KFW 7.650 05/28/28 MTN KFW 0.750 12/07/27 MTN KFW 0.016 11/15/22 MTN KFW 5.100 05/27/22 MTN KFW 0.015 07/15/22 MTN KFW 0.260 06/09/31 '23 MTN KFW 5.000 06/01/22 MTN KFW 5.100 06/02/22 MTN KFW 0.240 06/09/31 MTN KFW 06/14/24 MTN KFW 0.218 06/16/31 MTN KFW 0.440 06/16/25 MTN KFW 1.208 06/17/51 '23 MTN KFW 2.520 03/23/26 MTN KFW 2.502 06/28/22 MTN KFW 1.270 06/29/51 MTN KFW 0.980 06/28/51 MTN KFW 2.700 03/25/24 MTN KFW 0.080 06/30/22 MTN KFW 2.490 07/04/22 MTN KFW 0.380 07/02/24 MTN KFW 2.480 06/30/22 MTN KFW 0.100 08/01/24 MTN KFW 8.430 07/09/31 MTN KFW 07/11/22 MTN KFW 0.500 09/20/24 MTN KFW 0.198 07/12/23 MTN KFW 1.171 07/19/51 MTN KFW 2.710 08/03/22 MTN KFW 0.125 08/04/23 MTN KFW 2.785 08/04/22 MTN KFW 2.565 08/11/22 MTN KFW 2.650 08/18/22 MTN KFW 11/09/28 MTN KfW Note Programme KfW Australian and New Zealand Medium Term Note Programme KFW 2.700 07/12/24 MTN KFW 0.100 08/10/26 MTN KFW 4.850 09/05/22 MTN KFW 1.625 09/14/23 MTN KFW 0.010 09/14/22 MTN KFW 1.201 09/13/51 KFW 1.100 09/16/51 '22 MTN KFW 2.610 09/14/22 MTN KFW 2.695 09/19/22 MTN KFW 2.700 09/15/22 MTN KFW 09/15/31 MTN KFW 0.220 09/27/33 MTN KFW 2.750 09/20/22 MTN KFW 10/01/33 '22 MTN KFW 2.720 09/23/22 MTN KFW 0.100 09/29/22 MTN KFW 0.100 09/27/22 MTN KFW 2.695 09/27/22 MTN KFW 5.050 09/23/22 MTN KFW 10/08/33 '22 MTN KfW Index Linked 09/14/2026 KFW 10/15/33 '22 MTN KFW 2.780 10/20/22 MTN KFW 0.220 10/11/23 MTN KFW 0.300 02/05/30 '23 KFW 0.826 10/22/41 '26 MTN KFW 6.150 10/14/23 MTN KFW 2.731 10/18/22 MTN KFW 0.470 10/14/33 '22 MTN KFW 0.195 10/12/23 MTN KFW 5.790 10/12/22 MTN KFW 0.699 10/20/36 '22 MTN KFW 2.000 11/03/23 MTN KFW 11/15/24 MTN KFW 2.950 10/29/23 MTN KFW Step-up Notes 5/10/2030 KFW 1.290 01/12/25 MTN KFW 1.390 01/13/25 MTN KFW 0.125 01/09/32 MTN KFW 1.125 07/04/25 MTN KFW 2.350 02/18/32 MTN KFW 0.135 01/17/29 '24 KFW 0.135 01/17/29 '24 KFW 3.900 01/18/24 MTN KFW 1.250 01/31/25 KFW 0.953 01/24/42 '27 KFW 0.320 01/24/30 '23 MTN KFW 0.680 01/24/33 '23 KFW 1.260 01/24/26 MTN KFW 0.410 01/31/30 '23 MTN KFW 2.000 02/15/27 MTN KFW 04/30/27 MTN KFW 0.736 01/28/34 MTN KFW 11/15/24 MTN KFW 2.390 02/09/23 MTN KFW 1.250 07/31/26 MTN KFW 0.980 02/09/42 KFW 0.864 02/11/34 '23 MTN KFW 0.890 02/09/34 '23 MTN KFW 0.100 02/10/23 MTN KFW 0.695 02/10/32 MTN KFW 1.142 02/15/42 MTN KFW 1.750 03/17/25 KFW 1.350 02/17/24 MTN KFW 7.750 02/21/29 '23 MTN KFW 1.400 02/15/24 MTN KFW 1.150 02/15/34 '23 MTN KFW 5.620 02/20/23 MTN KFW 5.580 02/17/23 MTN KFW 1.625 05/10/24 MTN KFW 2.150 08/25/25 MTN KFW 2.420 02/23/23 MTN KFW 0.860 02/23/29 MTN KFW 2.670 02/22/24 MTN KFW 0.125 06/30/25 MTN KFW 2.750 03/03/25 MTN KFW 0.100 03/09/23 MTN KFW 5.660 03/08/23 MTN KFW 2.690 03/13/23 MTN KFW 5.680 03/08/23 MTN KFW 2.925 03/15/23 MTN KFW 1.366 03/17/42 MTN KFW 3.103 03/18/24 MTN KFW 1.260 03/22/32 '23 MTN KFW 3.098 03/25/24 MTN KFW 1.413 03/31/34 MTN KFW 1.500 04/07/25 MTN KFW 2.875 02/17/27 MTN KFW 6.110 04/06/23 MTN KFW 1.500 04/07/25 MTN KFW 6.050 04/12/23 MTN KFW 1.145 04/12/29 MTN KFW 1.884 04/20/46 MTN KFW 0.180 04/19/24 MTN KFW 1.000 04/14/27 MTN KFW 0.325 06/24/24 MTN KFW 1.070 04/19/28 '24 MTN KFW 1.300 04/25/28 '24 MTN KFW 2.110 04/22/42 MTN KFW 2.001 04/27/34 MTN KFW 3.395 04/22/24 MTN KFW 3.000 04/25/23 MTN KFW 6.250 04/21/23 MTN KFW 3.332 04/29/24 MTN KFW 1.375 06/07/32 MTN KFW 12/15/23 MTN KFW 0.500 01/15/25 MTN KFW 0.322 06/14/24 MTN KFW 2.090 05/09/37 MTN KFW 1.720 05/11/23 MTN KFW 1.996 05/12/37 MTN KFW 3.545 05/13/24 MTN KFW 2.000 05/11/32 '23 MTN KFW 1.490 05/12/28 MTN KFW 0.100 05/23/23 MTN KFW 0.100 05/23/23 MTN KFW 1.676 05/24/30 '24 MTN KFW 1.175 06/03/27 '24 MTN KFW 2.360 06/09/42 '24 MTN KFW 1.717 06/08/30 '25 MTN KFW 0.543 06/10/24 MTN KFW 2.470 06/17/37 MTN
      MONDAY, 27/07/2020 - Scope Ratings GmbH
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      Scope affirms KfW's rating at AAA with Stable Outlook

      Scope affirms KfW's AAA issuer and senior debt ratings and the S-1+ short-term debt rating. The Outlook for all ratings remains Stable.

      Rating action

      Scope Ratings today has affirmed its AAA issuer rating for KfW. The AAA senior unsecured debt and the S-1+ short-term debt ratings were also affirmed. The Outlook for all ratings remains Stable.

      Rating rationale

      KfW is the largest German government development agency and one of the largest sub-sovereign issuers in Europe. Under the direction of the Federal Finance Ministry and within a mandate set by law, KfW plays a critical role for implementing economic policy in Germany.

      Most recently, KfW took a leading role in Germany’s pandemic response programme by committing EUR 34bn in advances to corporate and SME borrowers during the first half of 2020. As part of the pandemic response, KfW can receive up to EUR 100bn additional funding directly from the Federal Republic’s Economic Stabilisation Fund. KfW plans to raise EUR 30bn from the fund this year, in addition to its regular funding programme that was scaled back to EUR 65bn compared to 80.6bn in 2019. As of June 2020, KfW had raised EUR 35.9bn across a variety of currencies and maturities. KfW’s excellent market access is further supplemented by an increasingly active green bond programme backed by lending to climate-friendly projects.

      KfW maintains a low risk profile in its domestic promotional activity as credit risk is borne by the intermediate banks that lend out the funds to end-borrowers. In some cases, like the pandemic support programmes, KfW receives additional indemnities directly from the government. Its international trade and project finance operations as well as certain domestic activities such as equity investments and student loans expose KfW to valuation risks that are borne by its own balance sheet.

      Consequently, we expect KfW to display earnings volatility during periods of economic stress. The Q1 net loss of EUR 592mn this year reflects the extraordinary impact of the Covid-19 induced global economic downturn but is still well within KfW’s risk-bearing capacity. As of March 2020, KfW had a Tier 1 capital ratio of 24% and available financial resources of EUR 30bn. Other counterparty, market, liquidity and operational risks are managed in a prudent manner, reflecting the extensive investment into risk management and compliance processes in recent years.

      Supervised by BaFin, KfW is subject to German and EU banking law, apart from the BRRD and certain other provisions. Its highly regulated status provides KfW with a very strong liquidity position. KfW has access to ECB funding, including TLTRO III, which it tapped for EUR 13.4bn in June. KfW’s bonds, which carry a zero percent risk weighting in the EU and other banking jurisdictions, are part of the ECB’s ongoing asset purchases, including the Public Sector Purchase Programme (PSPP) and the new Pandemic Emergency Purchase Programme (PEPP).

      Rating drivers

      KfW’s current and future obligations carry an explicit and unconditional guarantee by the Federal Republic of Germany1,2, thus providing creditors with direct recourse in case the agency cannot meet its obligations on a timely basis. In addition, KfW benefits from a maintenance obligation by the Federal Republic under the principle of Anstaltslast. Chartered under public law (AöR), KfW cannot be subject to insolvency proceedings and is exempt from the EU’s BRRD. Given KfW’s high strategic importance and clearly defined public mission, Scope believes that the Federal Republic as 80% owner will provide extraordinary support to KfW should it be required.

      Rating-change drivers

      Any material changes in the sovereign creditworthiness of the Federal Republic of Germany resulting in a downgrade of Scope’s sovereign rating assessment (AAA/Stable)1.

      Any material changes to credit support provided by the Federal Republic of Germany, notably the explicit guarantee2, public law status, Anstaltslast and exemptions from insolvency law and taxation.

      Rating driver references
      1. Germany Sovereign Rating
      2. Guarantee of the Federal Republic of Germany 

      Stress testing & cash flow analysis
      No stress testing was performed. No cash flow analysis was performed

      Methodology
      The methodology/ies used for this rating(s) and/or rating outlook(s) (Government-Related Entitity Methodology, 6 July 2020) is available on https://www.scoperatings.com/#!methodology/list.
      Information on the meaning of each rating category, including definitions of default and recoveries can be viewed in the “Rating Definitions - Credit Ratings and Ancillary Services” published on https://www.scoperatings.com/#!governance-and-policies/rating-scale. Historical default rates of the entities rated by Scope Ratings can be viewed in the rating performance report on https://www.scoperatings.com/#governance-and-policies/regulatory-ESMA. Please also refer to the central platform (CEREP) of the European Securities and Markets Authority (ESMA): http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml. A comprehensive clarification of Scope’s definitions of default and rating notations can be found at https://www.scoperatings.com/#governance-and-policies/rating-scale. Guidance and information on how Environmental, Social or Governance factors (ESG factor) are incorporated into the rating can be found in the respective sections of the methodologies or guidance documents provided on https://www.scoperatings.com/#!methodology/list.
      The rating outlook indicates the most likely direction of the rating if the rating were to change within the next 12 to 18 months.

      Solicitation, key sources and quality of information
      The rated entity and/or its agents participated in the rating process.
      The following substantially material sources of information were used to prepare the credit rating: public domain and the rated entity.
      Scope considers the quality of information available to Scope on the rated entity or instrument to be satisfactoryThe information and data supporting Scope’s ratings originate from sources Scope considers to be reliable and accurate. Scope does not, however, independently verify the reliability and accuracy of the information and data.
      Prior to the issuance of the rating or outlook action, the rated entity was given the opportunity to review the rating and/or outlook and the principal grounds on which the credit rating and/or outlook is based. Following that review, the rating was not amended before being issued.

      Regulatory disclosures
      This credit rating and/or rating outlook is issued by Scope Ratings GmbH, Lennéstraße 5, D-10785 Berlin, Tel +49 30 27891-0.
      Lead analyst: Dierk Brandenburg, Managing Director
      Person responsible for approval of the rating: Pauline Lambert, Executive Director
      The ratings/outlooks were first released by Scope on 4 December 2015.

      Potential conflicts
      Please see www.scoperatings.com for a list of potential conflicts of interest related to the issuance of credit ratings.

      Conditions of use / exclusion of liability
      © 2020 Scope SE & Co. KGaA and all its subsidiaries including Scope Ratings GmbH, Scope Analysis GmbH, Scope Investor Services GmbH and Scope Risk Solutions GmbH (collectively, Scope). All rights reserved. The information and data supporting Scope’s ratings, rating reports, rating opinions and related research and credit opinions originate from sources Scope considers to be reliable and accurate. Scope does not, however, independently verify the reliability and accuracy of the information and data. Scope’s ratings, rating reports, rating opinions, or related research and credit opinions are provided ‘as is’ without any representation or warranty of any kind. In no circumstance shall Scope or its directors, officers, employees and other representatives be liable to any party for any direct, indirect, incidental or other damages, expenses of any kind, or losses arising from any use of Scope’s ratings, rating reports, rating opinions, related research or credit opinions. Ratings and other related credit opinions issued by Scope are, and have to be viewed by any party as, opinions on relative credit risk and not a statement of fact or recommendation to purchase, hold or sell securities. Past performance does not necessarily predict future results. Any report issued by Scope is not a prospectus or similar document related to a debt security or issuing entity. Scope issues credit ratings and related research and opinions with the understanding and expectation that parties using them will assess independently the suitability of each security for investment or transaction purposes. Scope’s credit ratings address relative credit risk, they do not address other risks such as market, liquidity, legal, or volatility. The information and data included herein is protected by copyright and other laws. To reproduce, transmit, transfer, disseminate, translate, resell, or store for subsequent use for any such purpose the information and data contained herein, contact Scope Ratings GmbH at Lennéstraße 5 D-10785 Berlin.

      Scope Ratings GmbH, Lennéstraße 5, 10785 Berlin, District Court for Berlin (Charlottenburg) HRB 192993 B, Managing Director: Guillaume Jolivet.

      KFW 5.500 02/09/22 MTN KFW 6.250 05/19/21 MTN KFW 6.000 08/20/20 MTN KFW 4.000 02/27/25 MTN KFW 5.000 03/19/24 MTN KFW 3.000 07/13/45 '18 FRN KFW 3.000 03/27/45 FRN MTN KFW 03/30/37 MTN KFW 5.550 06/07/21 MTN KFW 01/02/43 '19 MTN KFW 5.050 02/04/25 KFW 4.700 06/02/37 KFW 5.500 06/18/25 MTN KFW 4.300 12/15/36 MTN KFW 07/17/37 FRN MTN KFW 2.003 06/10/25 FRN MTN KFW 4.500 01/04/30 '20 MTN KFW 07/17/37 FRN MTN KFW 2.610 07/10/37 FRN MTN KFW 06/01/27 MTN KFW 2.746 05/24/33 '17 MTN KFW 5.750 06/07/32 MTN KFW 4.730 07/12/23 MTN KFW 2.593 02/14/44 FRN MTN KFW 3.000 02/14/33 '23 FRN KFW 6.000 12/07/28 MTN KFW 1.850 10/07/44 '24 MTN KFW 6.250 12/09/22 MTN KFW 3.590 11/07/44 '19 MTN KFW 0.345 12/22/20 FRN MTN KFW 1.456 09/12/44 '24 MTN KFW 0.927 05/08/37 FRN MTN KFW 2.431 11/28/36 FRN MTN KFW 0.302 10/17/25 FRN MTN KFW 2.250 08/12/26 '24 MTN KFW 2.194 03/28/44 '19 FRN KFW 4.660 12/22/29 '19 MTN KFW 0.988 03/23/45 '25 FRN KFW 0.475 08/19/30 FRN MTN KFW 07/30/37 FRN MTN KFW 08/07/37 FRN MTN KFW 7.780 03/09/37 FRN MTN KFW 10/30/34 FRN MTN KFW 4.200 06/07/34 '24 MTN KFW 10/30/34 FRN MTN KFW 1.899 02/06/45 FRN MTN KFW 07/09/37 FRN MTN KFW 08/07/37 FRN MTN KFW 2.400 06/06/44 FRN MTN KFW 2.065 01/31/37 MTN NACT KFW 2.674 04/29/26 FRN MTN KFW 2.380 09/24/30 MTN KFW 4.500 08/20/20 MTN KFW 2.052 12/10/30 FRN MTN KFW 1.116 11/14/44 '24 MTN KFW 0.956 05/18/35 '20 FRN KFW 4.000 03/27/35 FRN MTN KFW 08/07/37 FRN MTN KFW 07/09/37 FRN MTN KFW 3.522 11/18/33 '17 MTN KFW 4.500 05/26/26 MTN KFW 06/06/42 '18 MTN KFW 0.534 02/14/26 FRN MTN KFW 4.000 10/23/34 '17 MTN KFW 2.700 10/02/34 '24 KFW 09/26/44 '17 MTN KFW 6.582 12/19/36 FRN MTN KFW 07/28/31 MTN KFW 3.960 10/13/34 FRN MTN KFW 6.375 12/20/36 FRN MTN KFW 0.916 03/14/44 '25 MTN KFW 2.410 07/01/43 '23 MTN KFW 01/02/43 '19 MTN KFW 0.190 10/09/21 MTN KFW 4.650 02/28/23 MTN KFW 6.000 12/07/28 MTN KFW 3.500 01/22/21 MTN KFW 3.100 06/22/41 '21 MTN KFW 2.650 07/24/37 FRN MTN KFW 03/28/36 FRN MTN KFW 1.501 09/15/20 FRN MTN KFW 4.000 03/24/34 '24 MTN KFW 0.550 01/20/45 FRN MTN KFW 2.080 06/26/45 FRN MTN KFW 2.500 08/08/34 '24 MTN KFW 07/23/37 FRN MTN KFW 4.050 03/24/34 '24 MTN KFW 2.166 10/28/44 FRN MTN KFW 08/13/37 FRN MTN KFW 08/07/37 FRN MTN KFW 08/13/37 FRN MTN KFW 08/13/37 FRN MTN KFW 0.518 06/05/37 FRN MTN KFW 08/13/37 FRN MTN KFW 08/13/37 FRN MTN KFW 3.200 02/13/45 '17 MTN KFW 3.000 01/13/45 FRN MTN KFW 2.600 07/24/37 FRN MTN KFW 07/23/37 FRN MTN KFW 08/13/37 FRN MTN KFW 2.414 09/29/34 '17 MTN KFW 1.378 02/25/28 '17 MTN KFW 3.510 03/28/36 FRN MTN KFW 0.528 03/12/38 FRN MTN KFW 3.000 07/08/41 '21 MTN KFW 07/24/38 FRN MTN KFW 3.100 04/24/43 '17 FRN KFW 4.000 12/12/34 '19 MTN KFW 2.130 10/07/23 MTN KFW 1.333 11/28/44 FRN MTN KFW 2.548 02/05/44 FRN MTN KFW 2.000 07/27/45 FRN KFW 2.658 04/30/24 MTN KFW 8.155 03/02/37 FRN MTN KFW 02/07/25 MTN KFW 4.150 06/05/43 '18 MTN KFW 3.600 11/04/44 '24 FRN KFW 10/21/22 FRN MTN KFW 3.000 07/06/43 '23 MTN KFW 0.558 04/08/43 '17 FRN KFW 4.000 06/01/22 MTN KFW 2.550 07/24/37 FRN MTN KFW 11/25/44 '19 MTN KFW 7.440 11/21/36 FRN MTN KFW 8.500 02/20/37 FRN MTN KFW 2.125 08/07/23 MTN KFW 0.050 11/06/37 FRN MTN KFW 08/20/37 FRN MTN KFW 3.200 09/01/31 MTN KFW 5.255 05/21/25 MTN KFW 3.500 03/05/29 FRN MTN KFW 4.160 06/16/37 MTN KFW 04/24/37 FRN MTN KFW 12/30/26 FRN MTN KFW 0.341 04/13/37 FRN MTN KFW 1.894 03/23/43 '23 KFW 0.811 11/25/44 FRN MTN KFW 1.558 06/23/45 FRN MTN KFW 4.997 03/04/32 '23 MTN KFW 01/18/43 '19 MTN KFW 3.950 02/24/28 '23 MTN KFW 1.527 11/07/30 FRN MTN KFW 08/21/37 FRN MTN KFW 2.400 09/21/44 '26 MTN KFW 4.500 09/29/33 FRN MTN KFW 0.210 05/08/37 FRN MTN KFW 07/09/37 FRN MTN KFW 1.931 02/05/35 '17 MTN KFW 09/26/35 FRN MTN KFW 02/22/43 '19 MTN KFW 2.650 07/24/37 FRN MTN KFW 2.160 07/10/37 FRN MTN KFW 10.000 03/28/36 FRN MTN KFW 3.750 09/25/28 '23 MTN KFW 1.450 09/15/20 MTN KFW 6.389 03/09/37 FRN MTN KFW 0.980 07/30/37 FRN MTN KFW 3.000 04/14/44 '24 FRN KFW 02/09/45 FRN MTN KFW 01/18/43 '19 MTN KFW 0.362 09/08/20 FRN MTN KFW 2.965 02/08/33 '18 FRN KFW 0.379 08/26/20 FRN MTN KFW 2.033 11/25/44 FRN MTN KFW 0.427 08/22/25 FRN MTN KFW 0.130 09/15/21 MTN KFW 2.619 06/02/22 FRN MTN KFW 2.510 07/10/37 FRN MTN KFW 2.148 01/07/44 '24 MTN KFW 4.259 03/01/27 '17 MTN KFW 2.500 07/10/45 '17 MTN KFW 10/16/42 '18 MTN KFW 0.898 10/28/44 FRN MTN KFW 1.519 02/24/26 FRN MTN KFW 4.300 11/27/28 '23 MTN KFW 1.986 10/26/36 FRN MTN KFW 4.650 07/09/32 MTN KFW 07/24/42 '18 MTN KFW 4.650 07/10/24 MTN KFW 3.000 01/13/34 '24 MTN KFW 1.872 02/05/44 FRN MTN KFW 1.436 11/14/34 '24 MTN KFW 06/20/42 '18 MTN KFW 6.300 05/28/32 FRN MTN KFW 3.200 02/25/44 FRN MTN KFW 11/16/37 FRN MTN KFW 10.000 11/28/36 FRN MTN KFW 3.000 01/29/44 '24 MTN KFW 4.375 05/25/21 KFW 0.080 08/17/20 FRN MTN KFW 3.550 07/18/34 '21 FRN KFW 2.000 01/13/45 FRN MTN KFW 1.933 12/15/34 FRN MTN KFW 2.210 07/10/37 FRN MTN KFW 1.971 09/07/34 '17 MTN KFW 3.890 07/10/37 FRN MTN KFW 0.050 06/05/37 FRN MTN KFW 1.437 01/21/21 FRN MTN KFW 3.000 09/26/29 '24 MTN KFW 0.539 02/13/26 FRN MTN KFW 5.000 12/01/20 MTN KFW 07/09/37 FRN MTN KFW 3.293 11/13/37 FRN MTN KFW 07/09/37 FRN MTN KFW 07/03/42 '18 MTN KFW 2.800 03/25/34 FRN MTN KFW 3.500 06/07/33 '17 FRN KFW 4.000 06/07/33 '17 FRN KFW 3.000 02/12/44 FRN MTN KFW 07/17/37 FRN MTN KFW 2.590 06/16/24 MTN KFW 3.500 02/07/34 '19 MTN KFW 1.125 09/02/20 KFW 0.902 02/22/36 FRN MTN KFW 10.000 03/27/37 FRN MTN KFW 0.625 11/28/44 '19 MTN KFW 10/11/42 '18 MTN KFW 2.250 08/21/45 FRN MTN KFW 3.108 01/30/29 '24 FRN KFW 3.300 09/26/34 FRN MTN KFW 2.450 09/29/44 '24 FRN KFW 06/21/37 MTN CALd KFW 10/22/45 '21 MTN KFW 11/08/42 '18 MTN KFW 0.210 07/10/37 FRN MTN KFW 3.486 12/27/33 '23 FRN KFW 4.000 03/18/41 '21 MTN KFW 4.380 07/30/40 FRN MTN KFW 04/24/37 FRN MTN KFW 0.492 09/03/24 '17 MTN KFW 3.500 01/10/34 FRN MTN KFW 1.069 03/25/44 '24 MTN KFW 1.398 05/14/43 FRN MTN KFW 10.000 07/17/37 FRN MTN KFW 05/23/41 '18 MTN KFW 07/17/37 FRN MTN KFW 07/23/37 FRN MTN KFW 0.619 07/05/25 FRN MTN KFW 3.500 06/19/43 FRN MTN KFW 5.422 06/20/33 '23 MTN KFW 2.201 06/16/34 '24 MTN KFW 4.860 01/22/30 '20 MTN KFW 4.370 11/28/30 MTN KFW 0.125 10/27/20 MTN KFW 0.134 09/29/34 '17 MTN KFW 3.600 12/02/44 '17 MTN KFW 07/09/37 FRN MTN KFW 3.000 07/07/34 '18 FRN KFW 4.454 06/16/26 MTN KFW 9.800 08/27/20 MTN KFW 0.339 12/29/20 FRN MTN KFW 2.100 07/15/22 MTN KFW 4.800 03/25/33 FRN MTN KFW 1.059 06/22/26 FRN MTN KFW 11/29/42 '18 MTN KFW 10/23/45 '25 MTN KFW 5.220 07/17/37 FRN MTN KFW 2.700 11/06/34 '17 MTN KFW 3.000 01/07/45 FRN MTN KFW 1.705 03/27/45 FRN MTN KFW 2.867 03/28/33 '17 FRN KFW 2.970 09/26/44 '17 MTN KFW 2.606 07/22/43 '23 FRN KFW 2.050 03/03/25 MTN CALd KFW 1.610 08/17/20 MTN KFW 4.200 03/24/34 '24 MTN KFW 3.500 04/03/34 '24 MTN KFW 0.330 03/25/44 '24 MTN KFW 3.000 09/26/44 FRN MTN KFW 08/20/37 FRN MTN KFW 2.700 03/24/44 '24 MTN KFW 3.000 03/13/45 MTN KFW 0.321 09/24/20 FRN MTN KFW 3.000 09/18/35 FRN MTN KFW 2.300 09/28/22 MTN CALd KFW 08/13/42 '18 MTN KFW 01/30/28 MTN KFW 08/07/37 FRN MTN KFW 0.916 03/28/26 FRN MTN KFW 2.516 06/06/44 FRN MTN KFW 6.136 12/04/36 FRN MTN KFW 3.550 11/20/34 '17 FRN KFW 0.389 07/28/25 FRN MTN KFW 1.850 09/16/44 FRN MTN KFW 2.291 06/24/32 FRN MTN KFW 2.550 04/26/21 MTN KFW 0.695 03/13/26 FRN MTN KFW 0.515 01/24/26 FRN MTN KFW 3.289 07/31/37 FRN MTN KFW 07/17/37 FRN MTN KFW 3.150 03/26/38 MTN KFW 3.200 03/19/35 '18 KFW 1.626 01/13/45 '25 MTN KFW 0.500 08/07/37 FRN MTN KFW 09/24/42 '18 MTN KFW 2.047 09/19/34 '17 MTN KFW 3.500 03/07/33 '17 MTN KFW 08/07/37 FRN MTN KFW 4.316 08/14/45 FRN MTN KFW 1.614 04/24/43 '23 MTN KFW 3.767 11/07/33 FRN MTN KFW 1.973 01/13/45 '25 MTN KFW 08/07/37 FRN MTN KFW 1.485 03/23/26 FRN MTN KFW 2.800 04/06/45 '17 FRN KFW 0.452 11/17/25 FRN MTN KFW 1.100 12/02/21 MTN CALd KFW 08/20/37 FRN MTN KFW 10/30/34 FRN MTN KFW 1.400 02/24/45 '25 MTN KFW 1.818 03/10/38 FRN MTN KFW 2.897 03/22/33 '17 MTN KFW 4.696 06/28/32 FRN MTN KFW 1.700 08/29/34 '24 MTN KFW 3.161 04/07/36 FRN MTN KFW 2.066 03/01/32 FRN MTN KFW 1.800 07/24/37 FRN MTN KFW 10/26/27 FRN MTN KFW 4.628 07/12/21 MTN KFW 3.030 06/05/34 FRN MTN KFW 01/02/43 '19 MTN KFW 2.050 07/24/37 FRN MTN KFW 3.000 08/25/45 '17 FRN KFW 1.550 07/24/37 FRN MTN KFW 4.300 03/24/34 FRN MTN KFW 10/30/42 '18 MTN KFW 2.861 03/15/33 '17 MTN KFW 0.546 09/20/25 FRN MTN KFW 0.548 09/21/25 FRN MTN KFW 4.000 04/11/41 '21 FRN KFW 3.100 12/30/44 '17 MTN KFW 1.550 07/24/37 FRN MTN KFW 3.900 10/16/34 FRN MTN KFW 01/17/43 '19 MTN KFW 2.280 09/25/37 FRN MTN KFW 7.546 12/19/36 FRN MTN KFW 2.426 03/25/27 FRN MTN KFW 1.055 12/21/25 FRN MTN KFW 3.150 10/29/29 FRN MTN KFW 6.291 03/24/22 FRN MTN KFW 5.000 06/09/36 MTN KFW 3.800 01/10/29 '24 FRN KFW 0.546 12/19/25 FRN MTN KFW 3.100 03/25/33 FRN MTN KFW 07/05/42 '18 MTN KFW 5.099 05/15/37 FRN MTN KFW 0.836 12/16/44 '24 MTN KFW 07/09/37 FRN MTN KFW 1.031 03/25/44 '24 MTN KFW 2.543 04/11/44 '17 MTN KFW 05/08/43 '19 MTN KFW 03/10/37 FRN MTN KFW 4.760 09/24/24 MTN KFW 4.875 03/15/37 MTN KFW 02/27/43 '19 MTN KFW 03/16/45 '25 FRN KFW 2.050 06/29/45 FRN KFW 0.635 12/04/27 FRN MTN KFW 4.490 11/08/21 MTN NACT KFW 2.061 03/25/42 FRN MTN KFW 09/17/29 KFW 0.122 10/30/34 FRN MTN KFW 2.548 03/24/44 '24 MTN KFW 4.400 08/08/41 FRN MTN KFW 0.083 09/10/20 MTN KFW 0.375 04/23/30 MTN KFW 1.970 10/08/38 MTN KFW 1.642 06/01/22 FRN MTN KFW 03/28/22 FRN MTN KFW 1.400 08/06/35 '25 MTN KFW 0.101 11/09/20 MTN KFW 3.340 09/01/25 FRN KFW 7.074 11/30/26 FRN KFW 1.375 07/31/35 MTN KFW 08/19/41 '26 MTN KFW 5.000 09/10/24 MTN KFW 02/16/25 FRN KFW 1.987 07/22/33 KFW 2.000 10/30/27 MTN KFW 08/12/26 FRN KFW 2.700 08/08/34 '24 KFW 07/13/21 FRN KFW 4.203 10/27/33 FRN MTN KFW 2.695 07/10/23 FRN MTN KFW 05/21/21 FRN KFW 0.167 08/09/21 MTN KFW 10/30/29 KFW 03/15/21 FRN MTN KFW 0.154 03/10/21 MTN KFW 0.750 12/09/25 FRN KFW 07/09/37 FRN MTN KFW 12/15/32 MTN KFW 07/09/37 FRN MTN KFW 2.050 02/16/26 KFW 2.909 02/24/28 '23 MTN KFW 1.450 02/17/45 FRN KFW 2.600 06/20/37 KFW 1.625 01/15/21 KFW 4.625 01/04/23 KFW 2.125 08/15/23 KFW 2.500 01/17/22 KFW 0.625 01/15/25 KFW 3.500 07/04/21 KFW 08/22/42 '18 MTN KFW 3.375 01/18/21 KFW 1.500 06/11/24 KFW 0.625 07/04/22 KFW 4.600 08/13/29 FRN MTN KFW 1.449 06/18/43 '23 MTN KFW 2.500 08/25/25 KFW 2.250 08/12/20 KFW 2.750 10/01/20 KFW 2.000 05/02/25 KFW 2.750 09/08/20 KFW 06/29/37 KFW 2.000 10/04/22 KFW 2.375 08/25/21 KFW 2.500 11/20/24 KFW 2.750 02/16/37 KFW 1.875 11/30/20 KFW 2.125 01/17/23 KFW 2.625 01/25/22 KFW 04/18/36 KfW EUR 90bn Multi-Currency CP KfW US 30bn CP KFW 5.550 06/07/21 MTN KFW 12/15/31 MTN KFW 03/31/23 KFW 01/15/46 '19 MTN KFW 0.230 01/15/23 MTN KFW 0.375 03/15/23 KFW 3.293 01/12/46 FRN MTN KFW 1.375 02/01/21 MTN KFW 2.800 02/17/21 MTN KFW 1.548 02/23/23 '17 MTN KFW 1.716 01/27/23 '18 MTN KFW 0.500 01/27/21 MTN KFW 1.000 02/10/21 MTN KFW 01/29/46 '31 KFW 1.250 07/04/36 MTN KFW 3.375 02/15/21 MTN KFW 6.000 02/10/21 FRN MTN KFW 1.625 03/15/21 KFW 3.200 09/11/26 MTN KFW 1.618 03/16/23 FRN MTN KFW 03/18/46 MTN KFW 5.460 04/06/21 MTN KFW 0.375 03/09/26 KFW 03/14/36 '18 MTN KFW 1.796 03/23/23 '17 MTN KFW 0.500 03/28/31 KFW 3.000 03/22/21 MTN KFW 2.690 04/12/21 MTN KFW 9.750 02/17/21 MTN KFW 3.650 04/21/21 MTN KFW 2.500 04/21/21 MTN KFW 1.240 04/18/36 '26 KFW 2.600 05/23/41 '26 MTN KFW 05/27/46 '19 MTN KFW 0.050 05/30/24 MTN KFW 05/27/46 '23 MTN KFW 1.500 06/15/21 KFW 0.016 07/01/21 KFW 06/30/21 KFW 06/28/46 '23 MTN KFW 1.110 07/13/46 '26 KFW 2.510 07/12/21 MTN KFW 0.860 08/08/31 '18 MTN KFW 2.760 08/08/46 '17 MTN KFW 7.000 08/09/21 MTN KFW 0.170 08/18/26 '17 MTN KFW 1.027 08/31/46 '26 MTN KFW 4.300 08/25/21 MTN KFW 0.570 09/04/28 KFW 0.755 09/05/30 KFW 1.000 10/12/21 MTN KFW 0.545 09/13/28 KFW 0.350 09/15/20 MTN KFW 0.700 09/22/31 KFW 0.250 09/20/30 KFW 0.250 10/05/28 '18 KFW 0.250 10/05/28 KFW 0.017 09/18/23 KFW 0.800 09/27/30 KFW 09/15/23 KFW 0.250 10/17/28 KFW 0.500 10/20/31 KFW 10/31/46 '21 MTN KFW 2.820 11/08/46 '17 MTN KFW 0.250 10/27/31 MTN KFW 0.250 10/31/28 KFW 0.500 11/03/31 '17 KFW 0.600 11/24/31 '18 KFW 0.860 11/28/28 KFW 0.500 11/24/31 '17 KFW 0.600 12/01/31 KFW 2.000 11/30/21 KFW 12/23/46 '19 MTN KFW 9.000 12/15/21 MTN KFW 2.900 06/06/22 MTN KFW 0.875 03/15/22 MTN KFW 0.125 01/15/24 KFW 0.132 01/15/24 KFW 2.125 03/07/22 KFW 1.125 06/15/37 MTN KFW 0.540 01/23/21 MTN KFW 7.500 12/07/23 MTN KFW 0.645 01/23/21 '18 MTN KFW 01/26/47 '22 MTN KFW 02/15/47 '27 KFW 0.320 02/27/25 MTN KFW 7.000 02/10/22 FRN MTN KFW 0.625 02/22/27 KFW 3.200 02/17/22 MTN KFW 0.150 02/27/24 MTN KFW 0.159 04/18/24 '18 MTN KFW 0.150 04/18/24 '18 MTN KFW 2.125 06/15/22 KFW 04/28/22 KFW 1.000 11/04/20 MTN KFW 0.300 05/04/27 '18 KFW 0.250 06/30/25 MTN KFW 1.635 06/26/42 '19 KFW 0.335 06/16/32 FRN KFW 06/13/22 MTN KFW 0.125 10/04/24 KFW 1.240 07/12/32 '18 MTN KFW 1.125 09/15/32 MTN KFW 0.100 01/18/28 '18 KFW 1.000 07/11/22 FRN MTN KFW 1.780 07/17/47 '32 MTN KFW 1.000 07/21/32 '20 MTN KFW 2.000 09/10/20 MTN KFW 1.750 09/15/21 KFW 0.585 07/26/21 MTN KFW 0.750 07/31/29 '19 KFW 0.750 07/31/29 '19 KFW 0.750 07/31/29 '19 KFW 1.660 08/17/20 MTN KFW 3.200 03/15/28 MTN KFW 0.330 09/07/20 MTN KFW 0.375 12/15/20 MTN KFW 0.500 09/15/27 KFW 3.700 09/19/20 MTN KFW 1.800 10/08/20 MTN KFW 2.000 09/21/22 MTN KFW 10/10/47 '28 KFW 09/25/47 '34 KFW 2.000 09/29/22 KFW 1.790 09/28/20 MTN KFW 12/12/22 FRN MTN KFW 12/15/22 KFW 0.400 10/18/27 KFW 0.400 10/18/27 '19 KFW 0.400 10/18/27 '19 KFW 0.220 10/13/24 MTN KFW 0.400 10/30/27 '19 KFW 0.300 11/08/27 '19 KFW 2.000 10/16/20 MTN KFW 2.500 10/16/20 MTN KFW 2.200 10/25/22 MTN KFW 0.400 11/03/27 '19 MTN KFW 1.600 11/10/37 '18 KFW 0.400 11/15/27 '19 KFW 1.875 12/15/20 KFW 7.500 11/10/22 MTN KFW 1.200 11/22/27 MTN KFW 0.625 01/07/28 MTN KFW 2.375 12/29/22 KFW 0.221 01/15/25 KFW 01/16/48 '28 FRN KFW 0.250 01/19/28 '20 KFW 9.200 01/10/23 MTN KFW 1.000 12/15/22 MTN KFW 0.790 01/23/22 '19 MTN KFW 0.875 01/19/21 MTN KFW 0.460 01/23/23 MTN KFW 2.875 04/03/28 KFW 2.800 01/25/23 MTN KFW 1.125 05/12/22 MTN KFW 3.570 02/09/38 '19 MTN KFW 1.375 02/02/28 MTN KFW 0.974 02/14/28 '20 KFW 3.000 03/07/23 MTN KFW 3.500 02/23/23 MTN KFW 02/22/38 '21 MTN KFW 7.750 03/01/21 MTN KFW 3.000 03/03/22 MTN KFW 0.073 03/07/23 FRN KFW 2.800 03/07/23 MTN KFW 0.125 02/24/23 KFW 3.800 03/23/23 MTN KFW 1.330 03/29/28 MTN KFW 2.625 04/12/21 KFW 1.215 04/24/28 KFW 6.750 10/24/22 MTN KFW 0.375 04/23/25 KFW 0.500 05/08/28 '20 KFW 1.125 05/09/33 MTN KFW 2.875 05/05/22 MTN KFW 1.250 01/19/21 KFW 05/25/21 MTN KFW 7.750 06/06/23 MTN KFW 0.125 06/07/23 KFW 1.500 09/24/20 '19 MTN KFW 2.800 11/12/21 MTN KFW 1.800 10/25/48 '28 MTN KFW 1.250 12/29/23 MTN KFW 0.625 07/18/33 '19 KFW 3.532 06/25/28 KFW 0.325 01/15/26 '20 MTN KFW 1.845 10/19/48 '28 MTN KFW 10/04/38 '20 MTN KFW 1.500 12/11/20 '19 MTN KFW 0.750 06/28/28 KFW 3.125 12/15/21 KFW 1.830 08/13/21 KFW 1.500 10/29/20 '19 MTN KFW 1.500 12/11/20 '19 MTN KFW 0.500 09/28/26 MTN KFW 3.370 07/12/38 '28 MTN KFW 0.500 08/14/28 '20 KFW 0.300 11/27/28 '19 MTN KFW 1.125 12/07/21 MTN KFW 0.500 08/14/28 '20 KFW 2.610 10/15/21 MTN KFW 0.500 08/14/28 '20 MTN KFW 0.125 11/07/23 KFW 0.300 11/27/28 '19 MTN KFW 0.250 09/15/25 KFW 11/13/23 FRN MTN KFW 0.400 06/29/28 '20 MTN KFW 01/10/24 FRN MTN KFW 01/23/24 MTN KFW 01/25/22 FRN KFW 0.750 01/15/29 MTN KFW 2.625 02/28/24 KFW 1.375 12/09/24 MTN KFW 2.000 02/07/22 KFW 04/02/24 MTN KFW 02/11/22 MTN KFW 1.375 12/15/25 MTN KFW 2.500 02/15/22 MTN KFW 0.450 02/20/29 '21 MTN KFW 1.885 02/26/21 MTN KFW 06/29/23 FRN MTN KFW 06/30/22 MTN KFW 2.700 03/15/24 MTN KFW 2.140 03/15/24 MTN KFW 2.000 03/15/2022 MTN KFW 1.625 04/03/24 MTN KFW 0.875 07/04/39 MTN KFW 1.400 09/17/20 '19 MTN KFW 1.500 03/18/21 '19 MTN KFW 2.375 03/24/21 KFW 0.100 04/12/22 MTN KFW 05/16/22 FRN KFW 7.260 03/25/21 MTN KFW 0.010 05/05/27 MTN KFW 1.670 05/24/23 KFW 0.125 06/03/22 MTN KFW 07/04/24 MTN KFW 0.750 06/17/22 MTN KFW 3.015 06/18/21 MTN KFW 06/18/24 MTN KFW 1.824 07/12/21 MTN KFW 6.750 07/15/21 MTN KFW 2.800 07/29/24 MTN KFW 1.500 07/24/24 MTN KFW 01/26/23 MTN KFW 0.875 09/15/26 MTN KFW 1.790 08/06/21 MTN KFW 1.948 08/12/21 MTN KFW 2.550 08/22/22 MTN KFW 1.250 08/28/23 MTN KFW 2.700 08/08/22 MTN KFW 2.490 09/10/23 MTN KFW 2.500 09/23/22 MTN KFW 1.000 09/10/20 '20 MTN KFW 0.110 10/24/29 MTN KFW 09/30/26 MTN KFW 0.050 09/29/34 MTN KFW 0.301 10/15/34 '20 MTN KFW 0.680 11/12/39 '23 MTN KFW 0.788 11/04/39 '21 MTN KFW 0.660 11/12/39 '22 MTN KFW 1.750 03/31/21 MTN KFW 0.885 11/14/39 MTN KFW 1.250 11/12/21 MTN KFW 11/21/22 FRN MTN KFW 1.450 11/27/20 MTN KFW 0.935 12/16/39 MTN KFW 1.030 12/06/49 MTN KFW 0.945 12/17/40 MTN KFW 1.075 12/20/49 '24 MTN KFW 0.875 07/18/24 MTN KFW 1.573 01/13/22 MTN KFW 2.640 01/15/23 MTN KFW 02/18/25 MTN KFW 12/19/2024 KFW 1.700 01/17/22 MTN KFW 2.659 01/15/23 MTN KFW 1.087 01/21/50 '27 MTN KFW 1.625 02/15/23 KFW 1.650 01/27/22 MTN KFW 7.885 01/28/30 MTN KFW 1.920 02/06/21 MTN KFW 7.655 02/11/30 MTN KFW 03/31/27 MTN KFW 1.710 02/18/21 MTN KFW 1.695 02/11/21 MTN KFW 1.000 02/19/21 MTN KFW 1.695 02/17/21 MTN KFW 1.690 02/12/21 KFW 1.500 08/30/21 MTN KFW 02/12/25 FRN MTN KFW 1.000 02/21/25 MTN KFW 1.000 02/27/23 MTN KFW 12.150 03/09/23 MTN KFW 1.000 02/12/21 '20 MTN KFW 1.000 02/12/21 '20 MTN KFW 2.340 03/02/21 MTN KFW 0.910 02/28/22 MTN KFW 8.000 03/18/30 '21 KFW 0.650 03/15/21 MTN KFW 1.500 03/30/30 MTN KFW 0.205 04/06/29 '21 KFW 0.955 04/06/40 '23 MTN KFW 1.768 04/06/50 '21 MTN KFW 0.010 03/31/25 MTN KFW 0.820 04/15/50 '30 MTN KFW 06/30/23 MTN KFW 0.090 04/20/28 '22 MTN KFW 0.245 04/17/30 '22 MTN KFW 0.010 04/24/23 MTN KFW 0.425 04/27/23 MTN KFW 1.000 02/08/50 MTN KFW 0.125 05/14/24 KFW 0.520 05/20/21 MTN KFW 0.527 05/20/21 MTN KFW 1.700 06/02/22 MTN KFW 1.080 06/04/21 MTN KFW 1.020 06/06/22 MTN KFW 0.613 06/10/40 '23 KFW 0.689 06/18/40 '23 KFW 0.730 01/21/50 '30 MTN KFW 0.270 06/17/24 MTN KFW 0.375 07/18/25 KFW 2.055 07/17/23 MTN KFW 0.380 07/14/21 MTN KFW 0.220 01/13/22 MTN KFW 0.265 07/13/22 MTN KFW 0.400 07/15/21 MTN KFW 2.100 07/19/21 MTN KFW 0.405 07/16/21 MTN KFW 09/15/28 MTN KFW 0.400 08/12/40 '21 MTN KFW 0.100 08/27/25 MTN KFW 0.620 01/14/50 MTN KFW 0.750 09/30/30 MTN KFW 0.395 09/05/22 MTN KFW 09/17/30 MTN KFW 0.220 09/10/21 MTN KFW 0.225 09/13/21 MTN KFW 0.240 09/13/21 MTN KFW 2.415 09/14/21 MTN KFW 0.225 09/13/21 MTN KFW 2.690 09/10/21 MTN KFW 0.145 09/16/24 MTN KFW 0.380 09/19/22 MTN KFW 0.280 09/16/21 MTN KFW 0.245 09/15/21 MTN KFW 0.280 09/17/21 MTN KFW 0.275 09/21/21 MTN KFW 0.250 10/19/23 KFW 0.275 09/22/21 MTN KFW 1.000 09/10/21 '21 MTN KFW 0.200 03/21/23 MTN KFW 0.265 09/23/21 MTN KFW 1.300 09/28/22 '21 MTN KFW 3.660 09/28/21 MTN KFW 4.500 09/09/25 MTN KFW 0.170 09/30/21 MTN KFW 2.600 10/11/21 MTN KFW 1.000 10/19/50 '21 MTN KFW 1.027 10/26/50 '21 KFW 3.570 10/13/21 MTN KFW 1.000 10/20/50 '21 MTN KFW 12/15/27 MTN KFW 0.075 10/28/21 MTN KFW 1.000 04/27/22 MTN KFW 0.050 10/25/23 MTN KFW 0.902 11/16/50 '21 MTN KFW 0.210 11/18/37 '23 MTN KFW 3.920 11/10/21 MTN KFW 3.850 11/15/21 MTN KFW 3.750 11/11/21 MTN KfW 4.05 11/18/2021 KfW 0.48 11/19/2040 KfW 0.22 11/19/2035 KfW 4.08 11/25/2021 KfW 4.15 11/25/2021 KFW 0.830 12/09/50 MTN KFW 0.018 06/23/23 MTN KFW 0.880 12/07/50 '21 MTN KFW 0.943 06/09/50 MTN KFW 0.951 09/09/50 MTN KFW 0.918 10/11/50 '21 MTN KFW 0.050 12/14/21 MTN KFW 1.000 12/10/21 MTN KFW 0.816 12/19/50 MTN KFW 01/10/31 MTN KFW 0.125 12/30/26 MTN KFW 0.050 01/12/22 MTN KFW 7.100 01/21/31 MTN KFW 2.000 01/14/22 MTN KFW 0.050 01/13/22 MTN KFW 0.050 01/18/22 MTN KFW 0.160 01/16/23 MTN KFW 0.625 01/22/26 KFW 5.800 01/19/28 MTN KfW 4.28 01/19/2022 KFW 7.100 01/28/31 KFW 0.020 01/21/22 MTN KFW 7.100 01/28/31 MTN KFW 0.125 05/16/23 MTN KFW 2.140 01/26/24 MTN KFW 4.400 07/25/25 MTN KFW 02/02/26 MTN KFW 4.620 02/04/22 MTN KFW 4.540 02/08/22 MTN KFW 0.600 02/16/51 KFW 0.050 02/11/22 MTN KFW 0.050 02/11/22 MTN KFW 0.160 02/16/36 MTN KFW 7.200 02/23/31 MTN KFW 0.050 02/10/22 MTN KFW 0.050 02/17/22 MTN KFW 02/12/24 FRN MTN KFW 0.990 02/12/51 MTN KFW 0.683 02/22/51 MTN KFW 0.050 02/18/22 MTN KFW 0.750 02/19/26 KFW 0.080 02/15/34 MTN KFW 4.390 02/22/22 MTN KFW 0.680 02/23/51 MTN KFW 1.000 02/10/26 MTN KFW 0.650 02/24/41 '24 MTN KFW 2.690 02/25/22 MTN KFW 6.440 03/03/28 MTN KFW 7.600 03/04/31 MTN KFW 1.000 02/24/22 MTN KFW 3.100 03/04/24 MTN KFW 1.000 02/24/22 MTN KFW 0.250 03/08/24 KFW 0.965 03/02/46 '23 MTN KFW 0.107 03/10/31 MTN KFW 0.012 03/02/22 MTN KFW 0.175 03/08/32 MTN KFW 0.100 03/09/22 MTN KFW 0.500 03/07/22 MTN KFW 06/15/26 MTN KFW 0.890 03/10/41 MTN KFW 1.208 03/10/51 MTN KFW 0.130 03/13/23 MTN KFW 4.720 03/09/22 MTN KFW 1.125 08/08/25 MTN KFW 0.200 03/11/24 MTN KFW 1.267 03/22/51 MTN KFW 7.805 03/23/28 MTN KFW 03/21/22 MTN KFW 2.520 03/23/26 MTN KFW 0.250 09/09/26 MTN KFW 2.700 03/25/24 MTN KFW 0.625 07/25/25 MTN KFW 5.000 04/12/23 MTN KFW 1.175 04/14/51 MTN KFW 06/15/29 MTN KFW 1.143 04/15/50 MTN KFW 0.250 04/25/23 KFW 2.670 04/14/22 MTN KFW 1.000 04/27/41 KFW 0.100 05/05/22 MTN KFW 8.200 05/13/31 MTN KFW 8.200 05/13/31 MTN KFW 4.640 05/09/22 MTN KFW 1.750 05/19/28 MTN KFW 1.115 05/17/41 MTN KFW 2.480 05/16/22 MTN KFW 0.030 05/20/22 MTN KFW 0.375 05/20/36 MTN KFW 1.271 05/20/51 KFW 4.820 05/20/22 MTN KFW 8.300 05/26/31 MTN KFW 8.300 05/26/31 MTN KFW 7.650 05/28/28 MTN KFW 0.750 12/07/27 MTN KFW 0.016 11/15/22 MTN KFW 5.100 05/27/22 MTN KFW 0.015 07/15/22 MTN KFW 0.260 06/09/31 '23 MTN KFW 5.000 06/01/22 MTN KFW 5.100 06/02/22 MTN KFW 0.240 06/09/31 MTN KFW 06/14/24 MTN KFW 0.218 06/16/31 MTN KFW 0.440 06/16/25 MTN KFW 1.208 06/17/51 '23 MTN KFW 2.520 03/23/26 MTN KFW 2.502 06/28/22 MTN KFW 1.270 06/29/51 MTN KFW 0.980 06/28/51 MTN KFW 2.700 03/25/24 MTN KFW 0.080 06/30/22 MTN KFW 2.490 07/04/22 MTN KFW 0.380 07/02/24 MTN KFW 2.480 06/30/22 MTN KFW 0.100 08/01/24 MTN KFW 8.430 07/09/31 MTN KFW 07/11/22 MTN KFW 0.500 09/20/24 MTN KFW 0.198 07/12/23 MTN KFW 1.171 07/19/51 MTN KFW 2.710 08/03/22 MTN KFW 0.125 08/04/23 MTN KFW 2.785 08/04/22 MTN KFW 2.565 08/11/22 MTN KFW 2.650 08/18/22 MTN KFW 11/09/28 MTN KfW Note Programme KfW Australian and New Zealand Medium Term Note Programme KFW 2.700 07/12/24 MTN KFW 0.100 08/10/26 MTN KFW 4.850 09/05/22 MTN KFW 1.625 09/14/23 MTN KFW 0.010 09/14/22 MTN KFW 1.201 09/13/51 KFW 1.100 09/16/51 '22 MTN KFW 2.610 09/14/22 MTN KFW 2.695 09/19/22 MTN KFW 2.700 09/15/22 MTN KFW 09/15/31 MTN KFW 0.220 09/27/33 MTN KFW 2.750 09/20/22 MTN KFW 10/01/33 '22 MTN KFW 2.720 09/23/22 MTN KFW 0.100 09/29/22 MTN KFW 0.100 09/27/22 MTN KFW 2.695 09/27/22 MTN KFW 5.050 09/23/22 MTN KFW 10/08/33 '22 MTN KfW Index Linked 09/14/2026 KFW 10/15/33 '22 MTN KFW 2.780 10/20/22 MTN KFW 0.220 10/11/23 MTN KFW 0.300 02/05/30 '23 KFW 0.826 10/22/41 '26 MTN KFW 6.150 10/14/23 MTN KFW 2.731 10/18/22 MTN KFW 0.470 10/14/33 '22 MTN KFW 0.195 10/12/23 MTN KFW 5.790 10/12/22 MTN KFW 0.699 10/20/36 '22 MTN KFW 2.000 11/03/23 MTN KFW 11/15/24 MTN KFW 2.950 10/29/23 MTN KFW Step-up Notes 5/10/2030 KFW 1.290 01/12/25 MTN KFW 1.390 01/13/25 MTN KFW 0.125 01/09/32 MTN KFW 1.125 07/04/25 MTN KFW 2.350 02/18/32 MTN KFW 0.135 01/17/29 '24 KFW 0.135 01/17/29 '24 KFW 3.900 01/18/24 MTN KFW 1.250 01/31/25 KFW 0.953 01/24/42 '27 KFW 0.320 01/24/30 '23 MTN KFW 0.680 01/24/33 '23 KFW 1.260 01/24/26 MTN KFW 0.410 01/31/30 '23 MTN KFW 2.000 02/15/27 MTN KFW 04/30/27 MTN KFW 0.736 01/28/34 MTN KFW 11/15/24 MTN KFW 2.390 02/09/23 MTN KFW 1.250 07/31/26 MTN KFW 0.980 02/09/42 KFW 0.864 02/11/34 '23 MTN KFW 0.890 02/09/34 '23 MTN KFW 0.100 02/10/23 MTN KFW 0.695 02/10/32 MTN KFW 1.142 02/15/42 MTN KFW 1.750 03/17/25 KFW 1.350 02/17/24 MTN KFW 7.750 02/21/29 '23 MTN KFW 1.400 02/15/24 MTN KFW 1.150 02/15/34 '23 MTN KFW 5.620 02/20/23 MTN KFW 5.580 02/17/23 MTN KFW 1.625 05/10/24 MTN KFW 2.150 08/25/25 MTN KFW 2.420 02/23/23 MTN KFW 0.860 02/23/29 MTN KFW 2.670 02/22/24 MTN KFW 0.125 06/30/25 MTN KFW 2.750 03/03/25 MTN KFW 0.100 03/09/23 MTN KFW 5.660 03/08/23 MTN KFW 2.690 03/13/23 MTN KFW 5.680 03/08/23 MTN KFW 2.925 03/15/23 MTN KFW 1.366 03/17/42 MTN KFW 3.103 03/18/24 MTN KFW 1.260 03/22/32 '23 MTN KFW 3.098 03/25/24 MTN KFW 1.413 03/31/34 MTN KFW 1.500 04/07/25 MTN KFW 2.875 02/17/27 MTN KFW 6.110 04/06/23 MTN KFW 1.500 04/07/25 MTN KFW 6.050 04/12/23 MTN KFW 1.145 04/12/29 MTN KFW 1.884 04/20/46 MTN KFW 0.180 04/19/24 MTN KFW 1.000 04/14/27 MTN KFW 0.325 06/24/24 MTN KFW 1.070 04/19/28 '24 MTN KFW 1.300 04/25/28 '24 MTN KFW 2.110 04/22/42 MTN KFW 2.001 04/27/34 MTN KFW 3.395 04/22/24 MTN KFW 3.000 04/25/23 MTN KFW 6.250 04/21/23 MTN KFW 3.332 04/29/24 MTN KFW 1.375 06/07/32 MTN KFW 12/15/23 MTN KFW 0.500 01/15/25 MTN KFW 0.322 06/14/24 MTN KFW 2.090 05/09/37 MTN KFW 1.720 05/11/23 MTN KFW 1.996 05/12/37 MTN KFW 3.545 05/13/24 MTN KFW 2.000 05/11/32 '23 MTN KFW 1.490 05/12/28 MTN KFW 0.100 05/23/23 MTN KFW 0.100 05/23/23 MTN KFW 1.676 05/24/30 '24 MTN KFW 1.175 06/03/27 '24 MTN KFW 2.360 06/09/42 '24 MTN KFW 1.717 06/08/30 '25 MTN KFW 0.543 06/10/24 MTN KFW 2.470 06/17/37 MTN

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