The rating is supported by the guarantee of the Federal Republic of Germany (AAA/Stable) for all KfW's existing and future obligations.

Strong capital base, excellent asset quality, very high liquidity buffers, growing strategic importance, and highly rated shareholders support the rating. High leverage relative to peers is the key credit challenge.

The issuances' ratings are supported by a guarantee from Agder County Municipality and are therefore aligned with Agder's AAA/Stable ratings.

The ratings of the issuances are underpinned by a co-guarantee from Rogaland County Municipality and the City of Stavanger and are thus aligned with the guarantors’ AAA/Stable ratings.

Prudent financial management, robust liquidity, strong economy and a well-integrated institutional framework support the rating. Elevated operating spending pressures and increasing debt burden are challenges.

Modest debt levels, a strong liquidity position and robust reserves support the rating. Budgetary pressures coupled with limited revenue flexibility are challenges.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

The affirmation reflects the strong position in Italian PDL market, growing diversification, supportive earnings capacity and risk exposures, and adequate funding and solvency profile.

The rating affirmation reflects the bank’s progress in its transformation strategy which puts pressures on its financial viability, but which remains adequately buffered.