IFFIm rating action by FitchRatings follows UK downgrade

Fitch resumes stable outlook for IFFIm

Washington DC, 22 April 2013 – FitchRatings has downgraded the International Finance Facility for Immunisation (IFFIm) by one notch from AAA to AA+ and is resuming a stable outlook. The short-term issuer rating of IFFIm remains 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.

The World Bank acts as IFFIm's Treasury Manager and applies conservative financial management policies in carrying out this function. IFFIm will continue to comply with these policies to support its financial strength and mission.

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

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