Fitch Improves IFFIm's Outlook to Stable; Affirms at 'AA-'

Fitch Improves IFFIm's Outlook to Stable; Affirms at 'AA-'

24 April 2024

IFFIm’s rating is largely based on that of its sovereign donors, “driven by the extraordinary support it receives from its donor countries,” said Fitch’s report, published 3 April 2024.

Fitch Ratings has improved the outlook on IFFIm’s Long-Term Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDR at 'AA-'. 

IFFIm’s rating is largely based on that of its sovereign donors, “driven by the extraordinary support it receives from its donor countries,” said Fitch’s report, published 3 April 2024.

The report also noted that IFFIm has contributed one-sixth of Gavi’s funding, and that disbursements have been high since the onset of COVID-19, due to new pledges to expand vaccination programmes in low-income countries, including through the COVAX AMC. The report also noted that the increase in funding was supported in 2023 by Spain's commitment of an additional €75 million and Canada's pledge of C$ 125 million, which has improved the diversification of IFFIm's funding sources.

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