28 April 2013 00:26
The International Finance Facility for Immunisation (IFFIm) had a ratings downgrade by FitchRatings by one notch from AAA to AA+. The rating agency is resuming a stable outlook, with short-term issuer rating remaining unchanged at F1+. This rating action by Fitch “follows the recent downgrade by Fitch of the United Kingdom to AA+ from AAA. Fitch’s analysis of IFFIm closely links IFFIm’s rating to its two largest donors, the UK and France. IFFIm currently is rated AA+ by Fitch Ratings with a stable outlook, Aa1 by Moody’s with a negative outlook and AA+ with a negative outlook by Standard & Poor’s.” 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’s donors have made a total of about US$6.3 billion in legally-binding payment obligations to IFFIm. To date, IFFIm has raised a total of US$3.85 billion in the capital markets.
Full release: http://www.iffim.org/library/news/press-releases/2013/iffim-rating-action-by-fitchratings-follows-uk-downgrade/
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