CREDIT ANALYSIS European Bank for （信用分析欧洲银行）.pdfVIP

JULY 22, 2014 SOVEREIGN SUPRANAT IONAL CREDIT ANALYSIS European Bank for Reconstruction and Development Supranational RATINGS Overview and Outlook EBRD Rating Outlook The European Bank for Reconstruction and Development (EBRD) is a Aaa-rated Long-term Issuer Aaa Stable Short-term Issuer P-1 Stable multilateral development bank (MDB) whose mandate is to foster the transition of countries Senior Unsecured Aaa Stable where it operates towards open market-oriented economies and to promote private and entrepreneurial initiatives. Table of Contents: OVERVIEW AND OUTLOOK 1 The EBRD’s credit strengths are its prudent capital and liquidity policies and practices, as Organisational Structure and Strategy 2 well as its solid financial performance. More than 20% of its €29.7 billion in subscribed RATING RATIONALE 4 capital is “paid in”, a share that is high relative to other MDBs. Moreover, over 94% of its Capital Adequacy: Very High 4 callable capital is committed by investment-grade countries, including 72% by Aaa and Aa- Liquidity: Very High 7 Strength of Member Support: Very High 9 rated member sovereigns. The bank also exhibits very low leverage, when compared to its Rating Range 11 peers; its internal gearing ratio -- which limits the sum of outstanding loans, share Comparatives 12 investments and guarantees to the sum of subscribed cap