GAVI programmes continue to benefit from IFFIm funding
Washington DC, 6 March 2013 – 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 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.
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$ 3.7 billion in the capital markets.
The World Bank is IFFIm's Treasury Manager and manages IFFIm's finances according to conservative policies and standards. IFFIm will continue to comply with these policies to support its financial strength and mission.
Moody’s rating action does not affect IFFIm’s ability to approve new programme funding for GAVI.