IFFIm rating action by Standard and Poor's follows France downgrade

GAVI programmes continue to benefit from IFFIm funding

Washington DC, 8 November 2013 — Standard & Poor’s 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 rating on IFFIm remains unchanged at A-1+.

S&P explained the decision as being linked to its rating action on France today. France is the second largest financial contributor to IFFIm.

“IFFIm, 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 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 negative outlook and AA by S&P with a stable 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 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$ 4.5 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. IFFIm will continue to comply with these policies to support its financial strength and mission.

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


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