Washington DC, 17 December 2014 — Fitch Ratings has downgraded the long-term credit rating of the International Finance Facility for Immunisation (IFFIm) from AA+ to AA with a stable outlook. The short-term foreign currency rating on IFFIm has been affirmed at F1+.
Fitch explained the decision as being linked to its rating action last week on France, which is the second largest financial contributor to IFFIm. More broadly, Fitch aligns its rating of IFFIm with the lower of that of the United Kingdom (AA+/stable) and France, IFFIm’s two largest donors.
“The IFFIm and Gavi Boards, donor countries and the World Bank continuously reiterate their full confidence in IFFIm’s mission and overall financial position, as well as the commitment of donor countries to fulfill their pledging obligations,” said René Karsenti, Chair of the IFFIm Board. “The downgrade is not expected to materially impact the amount of funds available to IFFIm and Gavi.”
IFFIm is currently rated AA by Fitch with stable outlook, Aa1 by Moody's with a stable outlook and AA by S&P with a negative outlook.
More details on IFFIm’s financial position, including the latest rating agency publications, are available under IFFIm’s bond documentation page.
IFFIm was created in 2006 to help Gavi fund immunisation in the world’s poorest countries. IFFIm's financial base consists of legally binding payments obligations 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$ 5 billion in the capital markets.
The World Bank was appointed as the Treasury Manager for IFFIm and acts as agent to IFFIm to manage IFFIm's finances according to prudent financial management policies and standards. IFFIm will continue to comply with these policies to support its financial strength and mission.
Fitch’s rating action does not affect IFFIm’s ability to approve new programme funding for Gavi.