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      Scope affirms KfW at AAA with Stable Outlook

      KFW 3.000 07/13/45 '18 FRN KFW 3.000 03/27/45 FRN MTN KFW 03/30/37 MTN KFW 01/02/43 '19 MTN 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 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 3.590 11/07/44 '19 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 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 6.000 12/07/28 MTN KFW 3.100 06/22/41 '21 MTN KFW 2.650 07/24/37 FRN MTN KFW 03/28/36 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 1.333 11/28/44 FRN MTN KFW 2.548 02/05/44 FRN MTN KFW 2.000 07/27/45 FRN KFW 8.155 03/02/37 FRN MTN KFW 4.150 06/05/43 '18 MTN KFW 3.600 11/04/44 '24 FRN KFW 3.000 07/06/43 '23 MTN KFW 0.558 04/08/43 '17 FRN 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 0.050 11/06/37 FRN MTN KFW 08/20/37 FRN MTN KFW 3.200 09/01/31 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 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 2.965 02/08/33 '18 FRN KFW 2.033 11/25/44 FRN MTN KFW 0.427 08/22/25 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 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 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 3.000 09/26/29 '24 MTN KFW 0.539 02/13/26 FRN 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 3.500 02/07/34 '19 MTN 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 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 0.134 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 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 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 3.000 09/18/35 FRN MTN 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 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 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 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 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 4.875 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 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 0.375 04/23/30 MTN KFW 1.970 10/08/38 MTN KFW 1.400 08/06/35 '25 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 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 4.203 10/27/33 FRN MTN KFW 10/30/29 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 08/22/42 '18 MTN KFW 4.600 08/13/29 FRN MTN KFW 1.449 06/18/43 '23 MTN KFW 2.500 08/25/25 KFW 06/29/37 KFW 2.750 02/16/37 KFW 04/18/36 KfW EUR 90bn Multi-Currency CP KfW US 30bn CP KFW 12/15/31 MTN KFW 01/15/46 '19 MTN KFW 3.293 01/12/46 FRN MTN KFW 01/29/46 '31 KFW 1.250 07/04/36 MTN KFW 3.200 09/11/26 MTN KFW 03/18/46 MTN KFW 0.375 03/09/26 KFW 03/14/36 '18 MTN KFW 0.500 03/28/31 KFW 1.240 04/18/36 '26 KFW 2.600 05/23/41 '26 MTN KFW 05/27/46 '19 MTN KFW 05/27/46 '23 MTN KFW 06/28/46 '23 MTN KFW 1.110 07/13/46 '26 KFW 0.860 08/08/31 '18 MTN KFW 2.760 08/08/46 '17 MTN KFW 0.170 08/18/26 '17 MTN KFW 1.027 08/31/46 '26 MTN KFW 0.570 09/04/28 KFW 0.755 09/05/30 KFW 0.545 09/13/28 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 0.800 09/27/30 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 12/23/46 '19 MTN KFW 1.125 06/15/37 MTN KFW 01/26/47 '22 MTN KFW 02/15/47 '27 KFW 0.625 02/22/27 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 1.240 07/12/32 '18 MTN KFW 1.125 09/15/32 MTN KFW 0.100 01/18/28 '18 KFW 1.780 07/17/47 '32 MTN KFW 1.000 07/21/32 '20 MTN KFW 0.750 07/31/29 '19 KFW 0.750 07/31/29 '19 KFW 0.750 07/31/29 '19 KFW 3.200 03/15/28 MTN KFW 0.500 09/15/27 KFW 10/10/47 '28 KFW 09/25/47 '34 KFW 0.400 10/18/27 KFW 0.400 10/18/27 '19 KFW 0.400 10/18/27 '19 KFW 0.400 10/30/27 '19 KFW 0.300 11/08/27 '19 KFW 0.400 11/03/27 '19 MTN KFW 1.600 11/10/37 '18 KFW 0.400 11/15/27 '19 KFW 1.200 11/22/27 MTN KFW 0.625 01/07/28 MTN KFW 01/16/48 '28 FRN KFW 0.250 01/19/28 '20 KFW 2.875 04/03/28 KFW 3.570 02/09/38 '19 MTN KFW 1.375 02/02/28 MTN KFW 0.974 02/14/28 '20 KFW 02/22/38 '21 MTN KFW 1.330 03/29/28 MTN KFW 1.215 04/24/28 KFW 0.500 05/08/28 '20 KFW 1.125 05/09/33 MTN KFW 1.800 10/25/48 '28 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 0.750 06/28/28 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 0.500 08/14/28 '20 KFW 0.500 08/14/28 '20 MTN KFW 0.300 11/27/28 '19 MTN KFW 0.250 09/15/25 KFW 0.400 06/29/28 '20 MTN KFW 0.750 01/15/29 MTN KFW 1.375 12/15/25 MTN KFW 0.450 02/20/29 '21 MTN KFW 0.875 07/04/39 MTN KFW 0.010 05/05/27 MTN KFW 0.875 09/15/26 MTN KFW 1.750 09/14/29 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 0.885 11/14/39 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 1.087 01/21/50 '27 MTN KFW 7.885 01/28/30 MTN KFW 7.655 02/11/30 MTN KFW 03/31/27 MTN KFW 8.000 03/18/30 '21 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 0.820 04/15/50 '30 MTN KFW 0.090 04/20/28 '22 MTN KFW 0.245 04/17/30 '22 MTN KFW 1.000 02/08/50 MTN KFW 0.613 06/10/40 '23 KFW 0.689 06/18/40 '23 KFW 0.730 01/21/50 '30 MTN KFW 0.375 07/18/25 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 09/17/30 MTN KFW 4.500 09/09/25 MTN KFW 1.000 10/19/50 '21 MTN KFW 1.027 10/26/50 '21 KFW 1.000 10/20/50 '21 MTN KFW 12/15/27 MTN KFW 0.902 11/16/50 '21 MTN KFW 0.210 11/18/37 '23 MTN KfW 0.48 11/19/2040 KfW 0.22 11/19/2035 KFW 0.830 12/09/50 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 0.816 12/19/50 MTN KFW 01/10/31 MTN KFW 0.125 12/30/26 MTN KFW 7.100 01/21/31 MTN KFW 0.625 01/22/26 KFW 5.800 01/19/28 MTN KFW 7.100 01/28/31 KFW 7.100 01/28/31 MTN KFW 4.400 07/25/25 MTN KFW 02/02/26 MTN KFW 0.600 02/16/51 KFW 0.160 02/16/36 MTN KFW 7.200 02/23/31 MTN KFW 0.990 02/12/51 MTN KFW 0.683 02/22/51 MTN KFW 0.750 02/19/26 KFW 0.080 02/15/34 MTN KFW 0.680 02/23/51 MTN KFW 1.000 02/10/26 MTN KFW 0.650 02/24/41 '24 MTN KFW 6.440 03/03/28 MTN KFW 7.600 03/04/31 MTN KFW 0.965 03/02/46 '23 MTN KFW 0.107 03/10/31 MTN KFW 0.175 03/08/32 MTN KFW 06/15/26 MTN KFW 0.890 03/10/41 MTN KFW 1.208 03/10/51 MTN KFW 1.125 08/08/25 MTN KFW 1.267 03/22/51 MTN KFW 7.805 03/23/28 MTN KFW 2.520 03/23/26 MTN KFW 0.250 09/09/26 MTN KFW 0.625 07/25/25 MTN KFW 1.175 04/14/51 MTN KFW 06/15/29 MTN KFW 1.143 04/15/50 MTN KFW 1.000 04/27/41 KFW 8.200 05/13/31 MTN KFW 8.200 05/13/31 MTN KFW 1.750 05/19/28 MTN KFW 1.115 05/17/41 MTN KFW 0.375 05/20/36 MTN KFW 1.271 05/20/51 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 0.260 06/09/31 '23 MTN KFW 0.240 06/09/31 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 1.270 06/29/51 MTN KFW 0.980 06/28/51 MTN KFW 8.430 07/09/31 MTN KFW 1.171 07/19/51 MTN KFW 11/09/28 MTN KfW Note Programme KfW Australian and New Zealand Medium Term Note Programme KFW 0.100 08/10/26 MTN KFW 1.201 09/13/51 KFW 1.100 09/16/51 '22 MTN KFW 09/15/31 MTN KFW 0.220 09/27/33 MTN KFW 10/01/33 '22 MTN KFW 10/08/33 '22 MTN KfW Index Linked 09/14/2026 KFW 10/15/33 '22 MTN KFW 0.300 02/05/30 '23 KFW 0.826 10/22/41 '26 MTN KFW 0.470 10/14/33 '22 MTN KFW 0.699 10/20/36 '22 MTN KFW Step-up Notes 5/10/2030 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 0.953 01/24/42 '27 KFW 0.320 01/24/30 '23 MTN KFW 0.680 01/24/33 '23 KFW 1.000 10/01/26 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 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 0.695 02/10/32 MTN KFW 1.142 02/15/42 MTN KFW 7.750 02/21/29 '23 MTN KFW 1.150 02/15/34 '23 MTN KFW 2.150 08/25/25 MTN KFW 0.860 02/23/29 MTN KFW 0.125 06/30/25 MTN KFW 1.366 03/17/42 MTN KFW 1.260 03/22/32 '23 MTN KFW 1.413 03/31/34 MTN KFW 1.125 03/31/37 MTN KFW 2.875 02/17/27 MTN KFW 1.145 04/12/29 MTN KFW 1.884 04/20/46 MTN KFW 1.000 04/14/27 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 3.000 05/20/27 MTN KFW 1.375 06/07/32 MTN KFW 2.090 05/09/37 MTN KFW 1.996 05/12/37 MTN KFW 2.000 05/11/32 '23 MTN KFW 1.490 05/12/28 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 1.240 06/15/26 '23 MTN KFW 2.470 06/17/37 MTN KFW 3.125 06/10/25 KFW 2.000 11/15/29 MTN KFW 2.265 08/04/43 MTN KFW 1.250 08/15/28 '25 MTN KFW 1.250 08/24/26 '23 MTN KFW 1.250 08/24/26 '23 MTN KFW 2.220 08/17/32 MTN KFW 2.270 08/17/32 '23 MTN KFW 1.170 08/24/26 MTN KFW 1.250 06/30/27 MTN KFW 2.200 09/09/27 '24 KFW 1.810 09/08/26 MTN KFW 2.600 09/21/27 '23 MTN KFW 0.100 09/15/32 MTN KFW 2.410 09/23/27 '24 MTN KFW 2.000 09/19/27 '23 MTN KFW 3.504 09/27/41 '26 MTN KFW 2.955 10/06/26 '23 MTN KFW 2.875 12/28/29 MTN KFW 4.120 10/10/42 '26 MTN KFW 3.440 10/18/28 '23 MTN KFW 3.060 10/26/26 '23 MTN KFW 4.830 10/20/25 '23 MTN KFW 2.870 10/27/25 MTN KFW 2.500 11/19/25 MTN KFW 3.875 09/02/25 MTN KFW 4.100 02/20/26 MTN KFW 1.000 12/02/27 MTN KFW 3.180 03/15/28 MTN KFW 4.125 02/18/26 MTN KFW 2.750 03/15/28 MTN KFW 2.600 01/17/26 MTN KFW 4.300 07/13/27 KFW 3.750 02/15/28 KFW 3.700 01/26/33 MTN KFW 3.074 01/23/26 MTN KFW 2.925 01/30/26 '24 MTN KFW 3.700 01/27/33 '24 MTN KFW 3.260 02/07/28 '24 MTN KFW 3.380 02/13/28 '24 MTN KFW 3.550 02/14/33 '24 MTN KFW 3.750 07/30/27 MTN KFW 4.200 02/08/29 MTN KFW 2.920 02/09/27 MTN KFW 0.100 02/14/33 MTN KFW 4.615 02/17/43 MTN KFW 3.350 02/16/28 '24 KFW 3.656 02/21/33 MTN KFW 3.791 02/24/33 MTN KFW 4.000 02/23/33 '24 MTN KFW 3.885 02/24/33 '24 MTN KFW 4.060 02/27/26 MTN KFW 4.000 03/03/33 '24 MTN KfW 2.90 02/24/26 KFW 4.070 03/15/31 MTN KFW 4.000 03/16/31 '25 MTN KFW 4.240 03/16/33 '24 MTN KFW 3.125 06/07/30 MTN KFW 4.140 03/14/33 '24 MTN KFW 4.320 03/23/27 MTN KFW 3.140 06/25/27 MTN KFW 3.170 05/27/27 MTN KFW 3.625 04/01/26 KFW 2.875 06/07/33 MTN KFW 4.110 05/08/33 '24 MTN KFW 4.000 05/03/32 '24 MTN KFW 3.270 05/12/28 '25 MTN KFW 1.000 05/18/26 MTN KFW 0.100 05/15/30 MTN KFW 3.900 05/23/33 MTN KFW 3.800 05/24/28 MTN KFW 4.612 05/26/43 MTN KFW 4.060 05/26/33 MTN KFW 3.875 06/15/28 KFW 3.900 06/09/35 '26 MTN KFW 2.875 05/29/26 MTN KFW 4.000 06/16/33 MTN KFW 4.000 07/07/38 MTN KFW 2.450 07/06/27 MTN KFW 4.050 07/18/33 MTN KFW 4.875 02/03/31 MTN KFW 3.594 07/14/48 '33 KFW 4.110 07/20/38 MTN KFW 4.124 07/24/35 '26 KFW 4.125 07/15/33 KFW 3.750 07/31/28 '24 KFW 07/27/26 FRN KFW 4.070 08/14/33 '24 KFW 4.910 08/25/43 MTN KFW 1.000 01/30/29 MTN KFW 4.235 08/29/38 '25 KFW 3.125 10/10/28 KFW 2.430 09/11/26 MTN KFW 4.060 08/28/33 '25 KFW 4.100 08/30/33 '24 KFW 4.625 08/07/26 KFW 3.500 09/24/30 MTN KFW 4.875 10/10/28 MTN KFW 3.248 08/26/26 KFW 1.000 09/19/28 MTN KFW 4.250 09/29/28 KFW 4.010 09/29/30 '24 KFW 4.160 10/05/33 MTN KFW 3.250 03/24/31 MTN KFW 4.200 10/05/33 '24 KFW 4.400 10/11/33 '24 KFW 4.300 10/10/33 MTN KFW 4.400 10/18/33 MTN KFW 4.080 10/17/31 '25 KFW 3.625 10/31/28 MTN KFW 4.400 10/17/33 '24 KFW 4.750 10/29/30 KFW 5.125 09/29/25 KFW 5.695 10/24/25 MTN KFW 5.710 10/25/25 MTN KFW 4.465 10/31/33 '24 KFW 1.000 10/31/33 KFW 1.000 10/27/25 KFW 1.000 10/30/26 MTN KFW 4.130 11/23/33 MTN KFW 4.805 11/17/26 MTN KFW 4.000 11/17/33 '25 KFW 5.710 11/22/27 MTN KFW 3.700 12/01/33 MTN KFW 2.595 03/20/26 KFW 3.750 01/09/29 MTN KFW 2.625 01/10/34 MTN KFW 2.375 08/05/27 MTN KFW 3.460 04/11/34 '25 KFW 4.400 07/12/29 MTN KFW 4.000 03/15/29 KFW 3.550 01/18/27 MTN KFW 3.615 04/26/34 KFW 3.63 04/30/34 KFW 4.125 01/31/28 KFW 3.275 01/31/31 KFW 3.875 02/15/29 KFW 3.52 02/05/36 KFW 2.975 02/06/26 KFW 3.6025 02/07/27 KFW 4.05 02/13/2034 KFW 3.7575 02/14/2026 KFW 3.593 08/16/36 KFW 2.75 02/20/31 KFW 4.375 02/28/34 KFW 3.670 02/21/34 KFW 3.23 02/23/34 KFW 4.65 02/28/31 KFW 4 06/01/34 KFW 3.537 03/06/34 KFW 4.375 03/01/27 KFW 3.23 04/07/31 KFW 4.00 03/11/34 KFW 3.505 03/14/44 KFW 2.625 04/26/29 KFW 4.00 04/11/34 KFW 4.00 04/17/34 KFW 5.00 03/16/26 KFW 3.46 04/18/34 KFW 4.00 07/18/34 KFW 4.00 04/18/34 KFW 4.25 10/01/30 KFW 4.05 04/19/34 KFW 4.286 04/23/26 KFW 2.76 04/24/26 KFW 2.73 04/24/26 KFW 2.812 04/24/26 KFW 2.8 04/25/26 KFW 3.8 04/26/34 KFW 2.75 04/26/27 KFW 4.125 09/06/29 KFW 2.875 03/31/32 KFW 3.8 05/10/34 KFW 4.05 05/10/34 KFW 4.25 09/17/26 KFW 4.26 05/16/34 KFW 2.52 05/22/26 KFW 4.00 05/23/34 KFW 4.00 05/27/34 KFW 4.16 05/28/26 KFW 4.00 05/29/34 KFW 3.6 05/29/34 KFW 2.44 05/31/26 KFW 4.00 06/03/34 KFW 4.00 06/03/34 KFW 5.44 06/03/27 KFW 3.275 06/05/31 KFW 4.00 06/07/34 KFW 3.48 05/31/34 KFW 3.525 06/10/34 KFW 3.73 06/12/34 KFW 4.00 06/17/34 KFW 4.00 06/18/34 KFW 3.125 12/10/25 KFW 2.75 10/01/27 KFW 2.335 07/03/26 KFW 4.00 07/09/34 KFW 4.00 07/10/34 KFW 4.00 07/15/34 KFW 3.3 07/15/32 KFW 3.16 07/23/29 KFW 4.00 08/01/34 KFW 3.875 10/01/29 KfW 2.26 08/15/29 KFW 4.93 08/23/44 KFW 2.375 10/04/29 KFW 3.875 10/28/27 KFW 3.36 09/16/44 KFW 3.197 09/18/41 KFW 3.500 08/27/27 KFW 3.2 10/14/26 KFW 2.28 12/17/29 KFW 3.46 10/16/26 KFW 3.375 10/16/26 KFW 2.5 10/15/31 KFW 2.975 04/16/30 KFW 3.36 10/15/26 KFW 3.34 10/21/26 KFW 5.10 10/22/34 KFW 2.00 11/04/26 KFW 3.325 10/23/26 KFW 3.45 10/25/25 KFW 3.355 10/28/26 KFW 4.00 11/05/26 KFW 3.00 10/30/34 KFW 3.09 11/05/34 KFW 3.22 02/12/37 KFW 3.12 11/13/34 KFW 4.375 01/31/28 KFW 3.515 01/13/26 KFW 2.375 04/11/28 KFW 2.75 01/17/35 KFW 4.23 01/18/30 KFW 3.09 01/15/35 KFW 5.24 01/16/35 KFW 4.45 01/16/30 KFW 2.667 03/21/30 KFW 4.625 03/18/30 KFW 3.548 01/21/26 KFW 3.21 01/23/35 KFW 3.50 01/23/26 KFW 3.710 02/05/30 MTN KFW 2.200 02/11/27 MTN KFW 3.74 02/18/27 KFW 4.250 02/15/30 MTN KFW 2.609 02/19/30 FRN KFW 3.760 02/19/27 MTN KFW 3.005 02/20/35 '26 KFW 3.030 02/20/35 '26 KFW 3.705 02/20/30 MTN KFW 2.200 02/21/27 MTN KFW 2.175 02/24/27 MTN KFW 3.788 02/24/27 MTN KFW 3.790 02/24/27 MTN KFW 3.040 02/26/35 '27 KFW 3.095 02/26/35 '27 KFW 3.200 02/27/35 '27 KFW 0.385 03/06/30 MTN KFW 3.875 05/15/28 KFW 2.840 03/11/33 '27 KFW 3.250 03/12/37 '26 KFW 5.100 03/13/35 '27 MTN KFW 4.000 03/14/40 '26 KFW 2.925 09/14/32 '28 KFW 3.130 03/17/33 '26 KFW 2.903 03/19/30 '26 KFW 3.067 03/21/30 '26 MTN KFW 5.030 03/21/35 '27 MTN KFW 3.580 03/25/27 MTN KFW 3.525 03/26/55 '35 KFW 2.363 04/08/33 FRN KFW 3.500 04/07/45 '31 KFW 2.150 04/09/30 MTN KFW 3.520 04/07/27 MTN KFW 4.250 04/30/30 MTN KFW 3.300 04/15/37 '26 KFW 3.355 04/16/37 '26 KFW 2.140 04/24/28 '26 KFW 3.050 04/28/35 '27 KFW 3.750 07/15/30 KFW 3.190 05/21/35 '27 KFW 3.140 05/21/35 '27 KFW 2.500 10/09/30 MTN KFW 3.170 05/26/35 KFW 2.905 05/22/28 MTN KFW 5.050 05/23/35 '27 MTN KFW 2.898 05/28/27 MTN KFW 3.060 06/05/35 KFW 3.050 06/04/35 '26 KFW 3.210 06/05/37 KFW 3.110 06/05/35 '26
      FRIDAY, 06/06/2025 - Scope Ratings GmbH
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      Scope affirms KfW at AAA with Stable Outlook

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

      Rating action

      Scope Ratings GmbH (Scope) has today affirmed KfW’s AAA long-term issuer and senior unsecured debt ratings in local currency, with Stable Outlooks. Scope also assigned AAA long-term issuer and senior unsecured debt ratings in foreign currency, with Stable Outlooks. Scope also affirmed S-1+ short-term issuer ratings in local currency and assigned S-1+ short-term issuer ratings in foreign currency with Stable Outlooks.

      Scope has also affirmed the following programme ratings:

      • KfW Note Programme rated AAA/Stable
         
      • KfW Australian and New Zealand Medium-term Note Programme rated AAA/Stable
         
      • KfW EUR 90bn Multi-Currency Commercial Paper Programme rated S-1+/Stable
         
      • KfW USD 30bn US Commercial Paper Programme rated S-1+/Stable

      The AAA/Stable ratings for KfW reflect several key factors:

      • Equalisation factor: KfW’s ratings are equalised with those of the Federal Republic of Germany (AAA/Stable and S-1+/Stable). This reflects the explicit, unconditional, unlimited, statutory, direct and irrevocable guarantee of the Federal Republic of Germany for all existing and future obligations of KfW in respect of money borrowed, bonds and notes issued, and derivative transactions entered into by KfW, as well as obligations of third parties that are expressly guaranteed by KfW. The bank’s public legal status as a public law institution (Anstalt des öffentlichen Rechts) legally exempts it from insolvency procedures, in line with most other German state development banks. In addition, the bank benefits from an institutional liability support mechanism in the form of a maintenance obligation by the Federal Republic under the principle of Anstaltslast.
         
      • Strong integration with the public sponsor: Scope acknowledges the mature and very supportive legal framework of the bank, stipulated in the Law Concerning KfW (KfW law), which makes changes to KfW’s business model or guarantee structure unlikely. In addition, KfW’s high strategic importance to the German federal government is underpinned by its critical role in implementing Germany’s economic policy, including coordinating and providing crisis support to municipalities and businesses.
         
      • Robust standalone fundamentals: The bank’s excellent fundamentals include its high capitalisation and asset quality, strong liquidity and funding profile, and excellent capital market access. KfW’s market presence is underpinned by its role as the largest German development bank and one of Europe’s largest and most frequent SSA issuers over past decades.

      Download the updated Rating Report here.

      Key rating drivers

      Equalisation factor

      KfW’s AAA rating reflects the extensive guarantee framework for its liabilities provided by the Federal Republic of Germany, which is the key factor for equalising KfW’s ratings with the ratings of Germany. The explicit, unconditional, unlimited, statutory, direct and irrevocable guarantee can only be amended, revoked or restricted through an act of parliament (Germany’s Bundestag). Scope deems any such development unlikely.

      KfW also benefits from a maintenance obligation (Anstaltslast) and guarantee obligation (Gewährträgerhaftung) provided by the Federal Republic of Germany. This three-fold guarantee mechanism significantly enhances the likelihood of government support for KfW if ever needed. In line with German state development banks, KfW is exempt from insolvency procedures due to its public law charter.

      KfW is not considered a credit institution or financial services institution under the German Banking Act or relevant EU directives and regulations. While it is exempt from liquidity rules, disclosure requirements, and recovery and resolution regulations, the bank is subject to bank regulatory provisions, including capital adequacy requirements and a specialised regime for minimum requirements for risk management. Supervision falls to the German Federal Financial Supervisory Authority (BaFin) in collaboration with the Bundesbank. KfW is also subject to legal supervision by the Federal Ministry of Finance in consultation with the Federal Ministry for Economic Affairs and Energy.

      High strategic importance to Federal Republic of Germany

      The rating is further underpinned by KfW’s high strategic importance to the Federal Republic of Germany. As one of the world’s leading promotional banks and the largest in Germany, with total assets of EUR 542bn as of 31 March 2025, KfW is instrumental to Germany’s implementation of policy objectives at national and regional level.

      The bank’s activities have a ‘high’ strategic importance for its public sponsors. It fulfils a central role in promoting sustainable economic, environmental, and social development in Germany and internationally. Domestic activities particularly focus on providing SME financing to support innovation, digitalisation and growth, improving energy efficiency and
      climate protection in Germany’s housing stock and transportation infrastructure, promoting affordable housing and urban development, and supporting education and social infrastructure. KfW’s strategic relevance and adaptability have been highlighted in recent years. During the Covid-19 pandemic, the bank played a key role in supporting companies by offering loan financing and liquidity support on behalf of the central government. In response to the Covid-19 pandemic and the energy and cost-of-living shock in 2022, the bank acted as a financing intermediary for the Economic Stabilisation Fund (WSF). WSF funding of EUR 17.4bn was used to fund the special coronavirus programme, and EUR 4bn to support liquidity of energy sector companies and Germany’s energy infrastructure.

      KfW’s domestic promotional activities are organised into three business areas: i) SME bank and private clients, which integrates standardised financing products for SMEs, business founders, start-ups, self-employed professionals and private individuals; ii) customised finance and public clients, which caters to regional development banks and financing services for municipalities and social infrastructure; and iii) KfW Capital, which aggregates KfW’s venture capital investments and aims to sustainably improve the supply of venture and growth capital for innovative technology companies in Germany and Europe. Through its subsidiaries including KfW IPEX-Bank, Deutsche Investitions- und Entwicklungsgesellschaft (DEG), KfW Capital, and the business unit KfW Entwicklungsbank, the KfW Group also provides export and project finance as well as international promotional finance. Risks to KfW’s position as the Federal Republic’s development bank and its provision of competition-neutral activities, which are underpinned by a stable and supportive legal framework on national and European levels, are remote.

      High capitalisation and sound asset quality, excellent funding and liquidity profiles.

      KfW’s Common Equity Tier 1 ratio of 28.6% as of 31 March 2025 is sound and has steadily increased over the past decade from around 20%. KfW benefits from continuous internal capital generation and operates under a statutory mandate that prohibits profit distribution as per Article 10 (3) KfW Law. Consequently, annual profits are retained to support capitalisation levels or reinvested to further its development and promotional activities.

      KfW’s asset quality is high, underpinned by the bank’s double-recourse loan protection for its policy mandated lending business. Domestic promotional business is mainly conducted through the banking sector via on-lending. Typically, KfW has a direct claim against the intermediary bank to whom it provided the initial loan (the ‘house-bank principle’) as well as the ultimate borrower. Overall credit quality of the portfolio remains stable in 2024 with 81% of net exposure classified as investment grade, while its NPL ratio according to SNL data declined to 2.72% at year-end 2024, down from 3.05% in 2023.

      The guarantee structure allows the bank to tap capital markets at favourable rates. As one of the world’s largest EUR SSA issuers, KfW demonstrates a favourable liquidity and funding profile, with excellent capital market access for its EUR 65-70bn funding programme. This is further supported by preferential treatment of the bank’s bonds under Solvency II, along with their recognition as Level 1 high-quality liquid assets for liquidity coverage ratio requirements and zero risk-weighting under Basel rules.

      Credit challenges: limited loan portfolio diversification and modest though stable profitability, both driven by KfW’s public policy mandate.

      KfW’s loan portfolio is characterised by regional and sectoral concentration. More than half of its total exposures are in the Federal Republic of Germany and almost two-thirds of total exposures are to the financial industry. The regional concentration makes the bank’s asset quality susceptible to developments in the country. At the same time, prudent underwriting standards lead to very robust asset quality, which Scope expects to remain robust despite the protracted economic stagnation in Germany.

      Finally, KfW’s profitability is modest, but stable, reflecting its non-profit maximising character and public policy mandate according to the KfW Law. Operating performance is largely dependent on net interest income, which continues to benefit from relatively high interest rates prevailing in the euro area. While KfW’s profitability is modest, the bank has been profitably every year since 2009.

      Outlook and rating sensitivities

      The Stable Outlook reflects Scope’s view that risks to the ratings are balanced over the coming 12 to 18 months.

      Downside scenarios for the rating and Outlooks are (individually or collectively):

      1. Downgrade of the Federal Republic of Germany’s sovereign ratings;
         
      2. Changes to KfW’s legal framework or guarantee structure, notably weakening government support.

      Qualitative Scorecard QS1 and Equalisation Factor

      Scope applies a top-down approach (QS1) in assessing the creditworthiness of KfW, which takes the public sponsor’s rating (Federal Republic of Germany: AAA/Stable) as the starting point. Scope sees ‘strong’ integration between KfW and the Federal Republic of Germany, reflecting the bank’s: i) full public ownership with 80% owned by the Federal Republic and 20% by the Federal States; ii) public legal status as an ‘Anstalt des öffentlichen Rechts’ (public law institution); iii) fulfilment of operating activities exclusively on behalf of the government, with the purpose of implementing economic and social policies; and iv) its high financial interdependence with the Federal Republic due to significant financing provided for public investments and supporting economic development at the national, regional and local levels.

      For further details, please see Appendix I of the associated rating report.

      Scope then applies a rating equalisation factor given the explicit, unconditional, unlimited, statutory, direct and irrevocable guarantee of the Federal Republic of Germany for KfW’s obligations with respect to money borrowed, bonds and notes issued, and derivative transactions entered into by KfW, as well as obligations of third parties that are expressly guaranteed by KfW.

      The approach also includes a supplementary analysis of the entity’s business and financial risk profiles, which has no bearing on the final credit ratings.

      The assessments under QS1 and the rating equalisation factor result in an indicative rating of AAA.

      The results were discussed and confirmed by a rating committee.

      Environmental, Social and Governance (ESG) factors

      ESG factors material to KfW’s credit quality are captured by Scope’s rating approach through several analytical areas.

      Governance and social considerations are material to KfW’s credit rating and were included in Scope’s assessment of: i) KfW’s level of integration with the public sponsor, highlighting the supportive legal framework that requires the bank to comply with its statutes and fulfil its role as a competition-neutral public-law institution, including the provision of key services to support the domestic economy; and ii) KfW’s standalone fundamentals in the supplementary analysis, highlighting its conservative risk profile and management.

      The KfWplus initiative is central to the bank’s strategic agenda, emphasising a foundational focus on climate and environmental aspects in its promotional business. It aims to harmonise three strategic objectives: i) mapping KfW’s financing activities to the UN Sustainable Development Goals (SDGs). KfW aims to map 100% of annual new business to at least one SDG. In the financial year 2024, 98.2% of new promotional commitments could be allocated to an SDG; ii) the “tranSForm” project guided KfW’s strategic efforts in the area of sustainable finance from 2020 until end-2024. This includes alignment of financing activities with a 1.5° climate target under the Paris Agreement and underscores KfW’s commitment to support the federal government’s goal of reducing emissions; and iii) an environment quota target with the aim of 38% of new commitment volumes to focus on financing climate-related and environmental public promotional programmes. The environment quota of 44% at group level in 2024 was above this target.

      To strategically advance the group's long-term commitment to sustainability, the 2029 strategic objectives include a target of achieving an average position among the top three development and promotional banks within a designated “Best of the Best” peer group. This group consists of the ten highest-rated development and promotional banks as assessed by the respective peer categories of three leading ESG rating agencies: ISS, MSCI, and Sustainalytics.

      KfW's green bond framework, which was initially introduced in 2014, supports various project categories aimed at climate change mitigation and sustainable development and is regularly revised to align with market standards and comply with the EU taxonomy. The latest update to the framework became effective from January 2024. As the green finance market evolves, KfW periodically reviews the framework, including its alignment with updated versions of the ICMA Green Bond Principles, with the aim of maintaining or improving transparency and reporting disclosures.

      KfW has been an active player in the green bond market and stands as one of the largest issuers globally, with outstanding EUR green bond issuances totalling EUR 54bn as of end-May 2025. The bank issued EUR 12.2bn in green bonds during 2024 and intends to issue approximately EUR 10bn in 2025. KfW continues to actively contribute to the qualitative development of the green bond market through market initiatives and direct engagement with market participants.

      Rating Committee
      The main points discussed during the rating committee were: i) the level of integration with the public sponsor; ii) the liability support mechanism; and iii) a supplementary analysis of KfW’s fundamentals.

      Methodology
      The methodology used for these Credit Ratings and/or Outlooks, (Government Related Entities Rating Methodology, 10 December 2024), is available on https://scoperatings.com/governance-and-policies/rating-governance/methodologies.
      Information on the meaning of each Credit Rating category, including definitions of default, recoveries, Outlooks and Under Review, can be viewed in ‘Rating Definitions – Credit Ratings, Ancillary and Other Services’, published on https://www.scoperatings.com/governance-and-policies/rating-governance/definitions-and-scales. Historical default rates of the entities rated by Scope Ratings can be viewed in the Credit Rating performance report at https://scoperatings.com/governance-and-policies/regulatory/eu-regulation. 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 Ratings’ definitions of default and Credit Rating notations can be found at https://www.scoperatings.com/governance-and-policies/rating-governance/definitions-and-scales. Guidance and information on how environmental, social or governance factors (ESG factors) are incorporated into the Credit Rating can be found in the respective sections of the methodologies or guidance documents provided on https://scoperatings.com/governance-and-policies/rating-governance/methodologies.
      The Outlook indicates the most likely direction of the Credit Ratings if the Credit Ratings were to change within the next 12 to 18 months.

      Solicitation, key sources and quality of information
      The Rated Entity and/or its Related Third Parties participated in the Credit Rating process.
      The following substantially material sources of information were used to prepare the Credit Ratings: public domain and the Rated Entity.
      Scope Ratings considers the quality of information available to Scope Ratings on the Rated Entity or instrument to be satisfactory. The information and data supporting these Credit Ratings originate from sources Scope Ratings considers to be reliable and accurate. Scope Ratings does not, however, independently verify the reliability and accuracy of the information and data.
      Prior to the issuance of the Credit Rating action, the Rated Entity was given the opportunity to review the Credit Ratings and Outlooks and the principal grounds on which the Credit Ratings and Outlooks are based. Following that review, the Credit Ratings and Outlooks were not amended before being issued.

      Regulatory disclosures
      These Credit Ratings and Outlooks are issued by Scope Ratings GmbH, Lennéstraße 5, D-10785 Berlin, Tel +49 30 27891-0. The Credit Ratings and Outlooks are UK-endorsed.
      Lead analyst: Eiko Sievert, Executive Director
      Person responsible for approval of the Credit Ratings: Alvise Lennkh-Yunus, Managing Director
      The local currency Credit Ratings/Outlooks were first released by Scope Ratings on 4 December 2015. The Credit Ratings/Outlooks were last updated on 21 June 2024.
      The foreign currency Credit Ratings/Outlooks were first released by Scope Ratings on 6 June 2025.

      Potential conflicts
      See www.scoperatings.com under Governance & Policies/Regulatory for a list of potential conflicts of interest disclosures related to the issuance of Credit Ratings, as well as a list of Ancillary Services and certain non-Credit Rating Agency services provided to Rated Entities and/or Related Third Parties.

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      © 2025 Scope SE & Co. KGaA and all its subsidiaries including Scope Ratings GmbH, Scope Ratings UK Limited, Scope Fund Analysis GmbH, Scope Innovation Lab GmbH and Scope ESG Analysis 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. Public Ratings are generally accessible to the public. Subscription Ratings and Private Ratings are confidential and may not be shared with any unauthorised third party.

      KFW 3.000 07/13/45 '18 FRN KFW 3.000 03/27/45 FRN MTN KFW 03/30/37 MTN KFW 01/02/43 '19 MTN 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 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 3.590 11/07/44 '19 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 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 6.000 12/07/28 MTN KFW 3.100 06/22/41 '21 MTN KFW 2.650 07/24/37 FRN MTN KFW 03/28/36 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 1.333 11/28/44 FRN MTN KFW 2.548 02/05/44 FRN MTN KFW 2.000 07/27/45 FRN KFW 8.155 03/02/37 FRN MTN KFW 4.150 06/05/43 '18 MTN KFW 3.600 11/04/44 '24 FRN KFW 3.000 07/06/43 '23 MTN KFW 0.558 04/08/43 '17 FRN 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 0.050 11/06/37 FRN MTN KFW 08/20/37 FRN MTN KFW 3.200 09/01/31 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 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 2.965 02/08/33 '18 FRN KFW 2.033 11/25/44 FRN MTN KFW 0.427 08/22/25 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 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 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 3.000 09/26/29 '24 MTN KFW 0.539 02/13/26 FRN 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 3.500 02/07/34 '19 MTN 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 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 0.134 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 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 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 3.000 09/18/35 FRN MTN 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 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 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 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 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 4.875 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 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 0.375 04/23/30 MTN KFW 1.970 10/08/38 MTN KFW 1.400 08/06/35 '25 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 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 4.203 10/27/33 FRN MTN KFW 10/30/29 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 08/22/42 '18 MTN KFW 4.600 08/13/29 FRN MTN KFW 1.449 06/18/43 '23 MTN KFW 2.500 08/25/25 KFW 06/29/37 KFW 2.750 02/16/37 KFW 04/18/36 KfW EUR 90bn Multi-Currency CP KfW US 30bn CP KFW 12/15/31 MTN KFW 01/15/46 '19 MTN KFW 3.293 01/12/46 FRN MTN KFW 01/29/46 '31 KFW 1.250 07/04/36 MTN KFW 3.200 09/11/26 MTN KFW 03/18/46 MTN KFW 0.375 03/09/26 KFW 03/14/36 '18 MTN KFW 0.500 03/28/31 KFW 1.240 04/18/36 '26 KFW 2.600 05/23/41 '26 MTN KFW 05/27/46 '19 MTN KFW 05/27/46 '23 MTN KFW 06/28/46 '23 MTN KFW 1.110 07/13/46 '26 KFW 0.860 08/08/31 '18 MTN KFW 2.760 08/08/46 '17 MTN KFW 0.170 08/18/26 '17 MTN KFW 1.027 08/31/46 '26 MTN KFW 0.570 09/04/28 KFW 0.755 09/05/30 KFW 0.545 09/13/28 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 0.800 09/27/30 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 12/23/46 '19 MTN KFW 1.125 06/15/37 MTN KFW 01/26/47 '22 MTN KFW 02/15/47 '27 KFW 0.625 02/22/27 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 1.240 07/12/32 '18 MTN KFW 1.125 09/15/32 MTN KFW 0.100 01/18/28 '18 KFW 1.780 07/17/47 '32 MTN KFW 1.000 07/21/32 '20 MTN KFW 0.750 07/31/29 '19 KFW 0.750 07/31/29 '19 KFW 0.750 07/31/29 '19 KFW 3.200 03/15/28 MTN KFW 0.500 09/15/27 KFW 10/10/47 '28 KFW 09/25/47 '34 KFW 0.400 10/18/27 KFW 0.400 10/18/27 '19 KFW 0.400 10/18/27 '19 KFW 0.400 10/30/27 '19 KFW 0.300 11/08/27 '19 KFW 0.400 11/03/27 '19 MTN KFW 1.600 11/10/37 '18 KFW 0.400 11/15/27 '19 KFW 1.200 11/22/27 MTN KFW 0.625 01/07/28 MTN KFW 01/16/48 '28 FRN KFW 0.250 01/19/28 '20 KFW 2.875 04/03/28 KFW 3.570 02/09/38 '19 MTN KFW 1.375 02/02/28 MTN KFW 0.974 02/14/28 '20 KFW 02/22/38 '21 MTN KFW 1.330 03/29/28 MTN KFW 1.215 04/24/28 KFW 0.500 05/08/28 '20 KFW 1.125 05/09/33 MTN KFW 1.800 10/25/48 '28 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 0.750 06/28/28 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 0.500 08/14/28 '20 KFW 0.500 08/14/28 '20 MTN KFW 0.300 11/27/28 '19 MTN KFW 0.250 09/15/25 KFW 0.400 06/29/28 '20 MTN KFW 0.750 01/15/29 MTN KFW 1.375 12/15/25 MTN KFW 0.450 02/20/29 '21 MTN KFW 0.875 07/04/39 MTN KFW 0.010 05/05/27 MTN KFW 0.875 09/15/26 MTN KFW 1.750 09/14/29 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 0.885 11/14/39 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 1.087 01/21/50 '27 MTN KFW 7.885 01/28/30 MTN KFW 7.655 02/11/30 MTN KFW 03/31/27 MTN KFW 8.000 03/18/30 '21 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 0.820 04/15/50 '30 MTN KFW 0.090 04/20/28 '22 MTN KFW 0.245 04/17/30 '22 MTN KFW 1.000 02/08/50 MTN KFW 0.613 06/10/40 '23 KFW 0.689 06/18/40 '23 KFW 0.730 01/21/50 '30 MTN KFW 0.375 07/18/25 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 09/17/30 MTN KFW 4.500 09/09/25 MTN KFW 1.000 10/19/50 '21 MTN KFW 1.027 10/26/50 '21 KFW 1.000 10/20/50 '21 MTN KFW 12/15/27 MTN KFW 0.902 11/16/50 '21 MTN KFW 0.210 11/18/37 '23 MTN KfW 0.48 11/19/2040 KfW 0.22 11/19/2035 KFW 0.830 12/09/50 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 0.816 12/19/50 MTN KFW 01/10/31 MTN KFW 0.125 12/30/26 MTN KFW 7.100 01/21/31 MTN KFW 0.625 01/22/26 KFW 5.800 01/19/28 MTN KFW 7.100 01/28/31 KFW 7.100 01/28/31 MTN KFW 4.400 07/25/25 MTN KFW 02/02/26 MTN KFW 0.600 02/16/51 KFW 0.160 02/16/36 MTN KFW 7.200 02/23/31 MTN KFW 0.990 02/12/51 MTN KFW 0.683 02/22/51 MTN KFW 0.750 02/19/26 KFW 0.080 02/15/34 MTN KFW 0.680 02/23/51 MTN KFW 1.000 02/10/26 MTN KFW 0.650 02/24/41 '24 MTN KFW 6.440 03/03/28 MTN KFW 7.600 03/04/31 MTN KFW 0.965 03/02/46 '23 MTN KFW 0.107 03/10/31 MTN KFW 0.175 03/08/32 MTN KFW 06/15/26 MTN KFW 0.890 03/10/41 MTN KFW 1.208 03/10/51 MTN KFW 1.125 08/08/25 MTN KFW 1.267 03/22/51 MTN KFW 7.805 03/23/28 MTN KFW 2.520 03/23/26 MTN KFW 0.250 09/09/26 MTN KFW 0.625 07/25/25 MTN KFW 1.175 04/14/51 MTN KFW 06/15/29 MTN KFW 1.143 04/15/50 MTN KFW 1.000 04/27/41 KFW 8.200 05/13/31 MTN KFW 8.200 05/13/31 MTN KFW 1.750 05/19/28 MTN KFW 1.115 05/17/41 MTN KFW 0.375 05/20/36 MTN KFW 1.271 05/20/51 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 0.260 06/09/31 '23 MTN KFW 0.240 06/09/31 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 1.270 06/29/51 MTN KFW 0.980 06/28/51 MTN KFW 8.430 07/09/31 MTN KFW 1.171 07/19/51 MTN KFW 11/09/28 MTN KfW Note Programme KfW Australian and New Zealand Medium Term Note Programme KFW 0.100 08/10/26 MTN KFW 1.201 09/13/51 KFW 1.100 09/16/51 '22 MTN KFW 09/15/31 MTN KFW 0.220 09/27/33 MTN KFW 10/01/33 '22 MTN KFW 10/08/33 '22 MTN KfW Index Linked 09/14/2026 KFW 10/15/33 '22 MTN KFW 0.300 02/05/30 '23 KFW 0.826 10/22/41 '26 MTN KFW 0.470 10/14/33 '22 MTN KFW 0.699 10/20/36 '22 MTN KFW Step-up Notes 5/10/2030 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 0.953 01/24/42 '27 KFW 0.320 01/24/30 '23 MTN KFW 0.680 01/24/33 '23 KFW 1.000 10/01/26 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 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 0.695 02/10/32 MTN KFW 1.142 02/15/42 MTN KFW 7.750 02/21/29 '23 MTN KFW 1.150 02/15/34 '23 MTN KFW 2.150 08/25/25 MTN KFW 0.860 02/23/29 MTN KFW 0.125 06/30/25 MTN KFW 1.366 03/17/42 MTN KFW 1.260 03/22/32 '23 MTN KFW 1.413 03/31/34 MTN KFW 1.125 03/31/37 MTN KFW 2.875 02/17/27 MTN KFW 1.145 04/12/29 MTN KFW 1.884 04/20/46 MTN KFW 1.000 04/14/27 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 3.000 05/20/27 MTN KFW 1.375 06/07/32 MTN KFW 2.090 05/09/37 MTN KFW 1.996 05/12/37 MTN KFW 2.000 05/11/32 '23 MTN KFW 1.490 05/12/28 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 1.240 06/15/26 '23 MTN KFW 2.470 06/17/37 MTN KFW 3.125 06/10/25 KFW 2.000 11/15/29 MTN KFW 2.265 08/04/43 MTN KFW 1.250 08/15/28 '25 MTN KFW 1.250 08/24/26 '23 MTN KFW 1.250 08/24/26 '23 MTN KFW 2.220 08/17/32 MTN KFW 2.270 08/17/32 '23 MTN KFW 1.170 08/24/26 MTN KFW 1.250 06/30/27 MTN KFW 2.200 09/09/27 '24 KFW 1.810 09/08/26 MTN KFW 2.600 09/21/27 '23 MTN KFW 0.100 09/15/32 MTN KFW 2.410 09/23/27 '24 MTN KFW 2.000 09/19/27 '23 MTN KFW 3.504 09/27/41 '26 MTN KFW 2.955 10/06/26 '23 MTN KFW 2.875 12/28/29 MTN KFW 4.120 10/10/42 '26 MTN KFW 3.440 10/18/28 '23 MTN KFW 3.060 10/26/26 '23 MTN KFW 4.830 10/20/25 '23 MTN KFW 2.870 10/27/25 MTN KFW 2.500 11/19/25 MTN KFW 3.875 09/02/25 MTN KFW 4.100 02/20/26 MTN KFW 1.000 12/02/27 MTN KFW 3.180 03/15/28 MTN KFW 4.125 02/18/26 MTN KFW 2.750 03/15/28 MTN KFW 2.600 01/17/26 MTN KFW 4.300 07/13/27 KFW 3.750 02/15/28 KFW 3.700 01/26/33 MTN KFW 3.074 01/23/26 MTN KFW 2.925 01/30/26 '24 MTN KFW 3.700 01/27/33 '24 MTN KFW 3.260 02/07/28 '24 MTN KFW 3.380 02/13/28 '24 MTN KFW 3.550 02/14/33 '24 MTN KFW 3.750 07/30/27 MTN KFW 4.200 02/08/29 MTN KFW 2.920 02/09/27 MTN KFW 0.100 02/14/33 MTN KFW 4.615 02/17/43 MTN KFW 3.350 02/16/28 '24 KFW 3.656 02/21/33 MTN KFW 3.791 02/24/33 MTN KFW 4.000 02/23/33 '24 MTN KFW 3.885 02/24/33 '24 MTN KFW 4.060 02/27/26 MTN KFW 4.000 03/03/33 '24 MTN KfW 2.90 02/24/26 KFW 4.070 03/15/31 MTN KFW 4.000 03/16/31 '25 MTN KFW 4.240 03/16/33 '24 MTN KFW 3.125 06/07/30 MTN KFW 4.140 03/14/33 '24 MTN KFW 4.320 03/23/27 MTN KFW 3.140 06/25/27 MTN KFW 3.170 05/27/27 MTN KFW 3.625 04/01/26 KFW 2.875 06/07/33 MTN KFW 4.110 05/08/33 '24 MTN KFW 4.000 05/03/32 '24 MTN KFW 3.270 05/12/28 '25 MTN KFW 1.000 05/18/26 MTN KFW 0.100 05/15/30 MTN KFW 3.900 05/23/33 MTN KFW 3.800 05/24/28 MTN KFW 4.612 05/26/43 MTN KFW 4.060 05/26/33 MTN KFW 3.875 06/15/28 KFW 3.900 06/09/35 '26 MTN KFW 2.875 05/29/26 MTN KFW 4.000 06/16/33 MTN KFW 4.000 07/07/38 MTN KFW 2.450 07/06/27 MTN KFW 4.050 07/18/33 MTN KFW 4.875 02/03/31 MTN KFW 3.594 07/14/48 '33 KFW 4.110 07/20/38 MTN KFW 4.124 07/24/35 '26 KFW 4.125 07/15/33 KFW 3.750 07/31/28 '24 KFW 07/27/26 FRN KFW 4.070 08/14/33 '24 KFW 4.910 08/25/43 MTN KFW 1.000 01/30/29 MTN KFW 4.235 08/29/38 '25 KFW 3.125 10/10/28 KFW 2.430 09/11/26 MTN KFW 4.060 08/28/33 '25 KFW 4.100 08/30/33 '24 KFW 4.625 08/07/26 KFW 3.500 09/24/30 MTN KFW 4.875 10/10/28 MTN KFW 3.248 08/26/26 KFW 1.000 09/19/28 MTN KFW 4.250 09/29/28 KFW 4.010 09/29/30 '24 KFW 4.160 10/05/33 MTN KFW 3.250 03/24/31 MTN KFW 4.200 10/05/33 '24 KFW 4.400 10/11/33 '24 KFW 4.300 10/10/33 MTN KFW 4.400 10/18/33 MTN KFW 4.080 10/17/31 '25 KFW 3.625 10/31/28 MTN KFW 4.400 10/17/33 '24 KFW 4.750 10/29/30 KFW 5.125 09/29/25 KFW 5.695 10/24/25 MTN KFW 5.710 10/25/25 MTN KFW 4.465 10/31/33 '24 KFW 1.000 10/31/33 KFW 1.000 10/27/25 KFW 1.000 10/30/26 MTN KFW 4.130 11/23/33 MTN KFW 4.805 11/17/26 MTN KFW 4.000 11/17/33 '25 KFW 5.710 11/22/27 MTN KFW 3.700 12/01/33 MTN KFW 2.595 03/20/26 KFW 3.750 01/09/29 MTN KFW 2.625 01/10/34 MTN KFW 2.375 08/05/27 MTN KFW 3.460 04/11/34 '25 KFW 4.400 07/12/29 MTN KFW 4.000 03/15/29 KFW 3.550 01/18/27 MTN KFW 3.615 04/26/34 KFW 3.63 04/30/34 KFW 4.125 01/31/28 KFW 3.275 01/31/31 KFW 3.875 02/15/29 KFW 3.52 02/05/36 KFW 2.975 02/06/26 KFW 3.6025 02/07/27 KFW 4.05 02/13/2034 KFW 3.7575 02/14/2026 KFW 3.593 08/16/36 KFW 2.75 02/20/31 KFW 4.375 02/28/34 KFW 3.670 02/21/34 KFW 3.23 02/23/34 KFW 4.65 02/28/31 KFW 4 06/01/34 KFW 3.537 03/06/34 KFW 4.375 03/01/27 KFW 3.23 04/07/31 KFW 4.00 03/11/34 KFW 3.505 03/14/44 KFW 2.625 04/26/29 KFW 4.00 04/11/34 KFW 4.00 04/17/34 KFW 5.00 03/16/26 KFW 3.46 04/18/34 KFW 4.00 07/18/34 KFW 4.00 04/18/34 KFW 4.25 10/01/30 KFW 4.05 04/19/34 KFW 4.286 04/23/26 KFW 2.76 04/24/26 KFW 2.73 04/24/26 KFW 2.812 04/24/26 KFW 2.8 04/25/26 KFW 3.8 04/26/34 KFW 2.75 04/26/27 KFW 4.125 09/06/29 KFW 2.875 03/31/32 KFW 3.8 05/10/34 KFW 4.05 05/10/34 KFW 4.25 09/17/26 KFW 4.26 05/16/34 KFW 2.52 05/22/26 KFW 4.00 05/23/34 KFW 4.00 05/27/34 KFW 4.16 05/28/26 KFW 4.00 05/29/34 KFW 3.6 05/29/34 KFW 2.44 05/31/26 KFW 4.00 06/03/34 KFW 4.00 06/03/34 KFW 5.44 06/03/27 KFW 3.275 06/05/31 KFW 4.00 06/07/34 KFW 3.48 05/31/34 KFW 3.525 06/10/34 KFW 3.73 06/12/34 KFW 4.00 06/17/34 KFW 4.00 06/18/34 KFW 3.125 12/10/25 KFW 2.75 10/01/27 KFW 2.335 07/03/26 KFW 4.00 07/09/34 KFW 4.00 07/10/34 KFW 4.00 07/15/34 KFW 3.3 07/15/32 KFW 3.16 07/23/29 KFW 4.00 08/01/34 KFW 3.875 10/01/29 KfW 2.26 08/15/29 KFW 4.93 08/23/44 KFW 2.375 10/04/29 KFW 3.875 10/28/27 KFW 3.36 09/16/44 KFW 3.197 09/18/41 KFW 3.500 08/27/27 KFW 3.2 10/14/26 KFW 2.28 12/17/29 KFW 3.46 10/16/26 KFW 3.375 10/16/26 KFW 2.5 10/15/31 KFW 2.975 04/16/30 KFW 3.36 10/15/26 KFW 3.34 10/21/26 KFW 5.10 10/22/34 KFW 2.00 11/04/26 KFW 3.325 10/23/26 KFW 3.45 10/25/25 KFW 3.355 10/28/26 KFW 4.00 11/05/26 KFW 3.00 10/30/34 KFW 3.09 11/05/34 KFW 3.22 02/12/37 KFW 3.12 11/13/34 KFW 4.375 01/31/28 KFW 3.515 01/13/26 KFW 2.375 04/11/28 KFW 2.75 01/17/35 KFW 4.23 01/18/30 KFW 3.09 01/15/35 KFW 5.24 01/16/35 KFW 4.45 01/16/30 KFW 2.667 03/21/30 KFW 4.625 03/18/30 KFW 3.548 01/21/26 KFW 3.21 01/23/35 KFW 3.50 01/23/26 KFW 3.710 02/05/30 MTN KFW 2.200 02/11/27 MTN KFW 3.74 02/18/27 KFW 4.250 02/15/30 MTN KFW 2.609 02/19/30 FRN KFW 3.760 02/19/27 MTN KFW 3.005 02/20/35 '26 KFW 3.030 02/20/35 '26 KFW 3.705 02/20/30 MTN KFW 2.200 02/21/27 MTN KFW 2.175 02/24/27 MTN KFW 3.788 02/24/27 MTN KFW 3.790 02/24/27 MTN KFW 3.040 02/26/35 '27 KFW 3.095 02/26/35 '27 KFW 3.200 02/27/35 '27 KFW 0.385 03/06/30 MTN KFW 3.875 05/15/28 KFW 2.840 03/11/33 '27 KFW 3.250 03/12/37 '26 KFW 5.100 03/13/35 '27 MTN KFW 4.000 03/14/40 '26 KFW 2.925 09/14/32 '28 KFW 3.130 03/17/33 '26 KFW 2.903 03/19/30 '26 KFW 3.067 03/21/30 '26 MTN KFW 5.030 03/21/35 '27 MTN KFW 3.580 03/25/27 MTN KFW 3.525 03/26/55 '35 KFW 2.363 04/08/33 FRN KFW 3.500 04/07/45 '31 KFW 2.150 04/09/30 MTN KFW 3.520 04/07/27 MTN KFW 4.250 04/30/30 MTN KFW 3.300 04/15/37 '26 KFW 3.355 04/16/37 '26 KFW 2.140 04/24/28 '26 KFW 3.050 04/28/35 '27 KFW 3.750 07/15/30 KFW 3.190 05/21/35 '27 KFW 3.140 05/21/35 '27 KFW 2.500 10/09/30 MTN KFW 3.170 05/26/35 KFW 2.905 05/22/28 MTN KFW 5.050 05/23/35 '27 MTN KFW 2.898 05/28/27 MTN KFW 3.060 06/05/35 KFW 3.050 06/04/35 '26 KFW 3.210 06/05/37 KFW 3.110 06/05/35 '26

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