Standard & Poor’s (S&P) downgraded the IFFIm (International Finance Facility for Immunisation Company) to AA+ from AAA with a negative outlook, following S&P’s rating actions announced on 13 January 2012, for euro zone countries that provide grants to IFFIm.  Earlier, S&P said in an analysis of IFFIm that it considers IFFIm’s credit rating to be closely associated with the rating of its largest grantors. France is IFFIm’s second-largest grantor, representing about 25% of the outstanding present value of IFFIm’s total grants. In all, euro zone countries represent about 39% of grants to IFFIm. The largest grantor to IFFIm is the UK (rated AAA/Aaa/AAA), representing 48% of IFFIm’s total grants. IFFIm is currently rated Aaa by Moody’s; AAA by Fitch, which updated IFFIm’s outlook to negative on 19 December 2011 when it changed France’s outlook to negative; and AA+ by S&P with negative outlook.

IFFIm was created in 2006 “to help the international community achieve the Millennium Development Goals. IFFIm’s financial base consists of legally binding grant payments from its sovereign grantors (the UK, France, Italy, Norway, Australia, Spain, The Netherlands, Sweden and South Africa). IFFIm has about US$ 6.3 billion in legally-binding payment obligations from its donors and has raised US$ 3.6 billion in the capital markets.”

http://www.iffim.org/library/news/press-releases/2012/rating-action-by-standard-and-poors-follows-sovereign-donor-downgrades/