Moody’s Investors Service has downgraded the International Finance Facility for Immunisation (IFFIm) by one notch from Aaa to Aa1 and is maintaining a negative outlook. The short-term issuer rating of IFFIm remains unchanged at Prime-1.  Moody’s decision to downgrade IFFIm follows the recent downgrade by Moody’s of the United Kingdom, a donor to IFFIm, to Aa1 from Aaa. In its analysis of IFFIm’s rating, Moody’s considers IFFIm’s credit rating to be closely associated with the rating of the UK. The UK is IFFIm’s largest grantor, representing approximately half of the outstanding present value of IFFIm’s total grants. IFFIm currently is rated AAA by Fitch Ratings with a negative outlook, Aa1 by Moody’s with a negative outlook and AA+ with a negative outlook by Standard & Poor’s.

Moody’s rating action does not affect IFFIm’s ability to approve new programme funding for GAVI.

6 March 2013 – http://www.iffim.org/library/news/press-releases/2013/iffim-rating-action-by-moodys-follows-uk-downgrade/