Credit rating Aaa/AAA
The Council of Europe Development Bank (CEB) enjoys a triple-A rating by Moody’s, S&P Global, Fitch Ratings, and Scope Ratings*. Such high rating reflects the Bank’s solid financial profile, strong support and confidence of its shareholders and stringent risk-management policy.
On 17 September 2026, Moody’s confirmed the CEB’s long-term rating to Aaa ‘stable’. On 17 July 2026, S&P Global confirmed its AAA rating with a stable outlook. On 1 June 2026, Fitch confirmed the CEB’s long-term Issuer Default Rating (IDR) at AAA ‘stable outlook’. On 5 June 2026, Scope Ratings affirmed its rating* for the CEB at AAA with a stable outlook. The rating of CEB’s short-term debt assigned by the rating agencies reaches the highest grade of the rating scale at ‘P-1/A-1+/ F1+/S-1+*’.
Moody’s: Aaa, stable outlook
“The credit profile of the Council of Europe Development Bank (CEB) reflects its strong solvency position, very strong liquidity and funding profile, prudent and robust risk, management practices, as well as strong shareholder support. CEB has an instrumental role in addressing social demands across Europe, including a prominent role in supporting Ukraine (Ca stable), for which shareholders have provided significant additional paid-in capital through a general capital increase, the first since inception of CEB in 1956.”
“The stable outlook reflects our [Moody’s] view that CEB's ongoing credit strengths, including its very strong liquidity and funding profile, strong solvency position, as well as prudent and robust risk management, will offset somewhat rising risks to its asset portfolio because of, the ongoing increase in operations in Ukraine. It also reflects our [Moody’s] view that the level of shareholder support will remain strong, as exemplified by the capital increase that concluded successfully at the end of 2024.”
“We [Moody’s] score CEB’s solvency at “aa2” reflecting its strong asset quality and very strong asset performance, with only one non performing loan recorded since CEB’s inception in 1956.”
“We [Moody’s] consider CEB’s liquidity and funding position to be very strong with a score of “aaa” for its availability of liquid resources and a score of “aa” for the quality of its funding, which results in an overall score for liquidity and funding of “aa2”.”
“We [Moody’s] assess the strength of CEB's member support as “High”, which combines a “a1” ability to support, “ba2” contractual willingness to support and “Very High” track record of support and policy relevance”.
Read more
Press release (17 September 2026)
Rating report (22 September 2026)
S&P Global: AAA, stable outlook
“We [S&P Global] think the CEB holds a key position because of its established history, role, and mandate.”
“CEB's history of demonstrated PCT underlines its overall enterprise risk profile”
“In our [S&P Global] opinion, CEB benefits from strong governance and risk management standards”
“Operationally, we [S&P Global] think CEB has conservative risk and liquidity management policies.”
“The CEB entered 2026 from a position of financial strength, with an extremely strong stand-alone capital position.“
“In line with its social mandate, CEB has established a strong track record and expertise as a social bond issuer.”
“Under our [S&P Global] liquidity stress scenario, at all horizons up to one year, CEB would fully cover its balance-sheet liabilities without market access.”
“We [S&P Global] assess CEB's stand-alone credit profile (SACP) as 'aaa' based on the bank's stand-alone merits”
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Rating report (17 July 2026)
Fitch Ratings: AAA, stable outlook
“CEB's ratings are driven by its Standalone Credit Profile (SCP) of 'aaa', based on a 'aa' solvency assessment, reflecting 'strong' capitalisation and 'very low' risk assessments, a 'aaa' liquidity assessment and a two-notch uplift over the lower of solvency and liquidity to reflect CEB's 'low' risk business environment. Fitch's assessment of extraordinary support from shareholders is 'a' and does not lead to an uplift to the rating.”
“Very Low Credit Risk: The average credit quality of CEB's borrowers was 'A-' at end-2025, unchanged from 2024.”
“Excellent Liquidity: Our 'aaa' liquidity assessment reflects CEB's excellent liquidity buffers, the strong credit quality of its treasury portfolio (62% rated above 'AA-' at end-2025), and strong access to capital markets.”
“In Fitch's view, the recent capital increase is evidence of shareholders' increased propensity to provide financial support to the bank.”
Read more
Press release (1 June 2026)
Rating report (17 June 2026)
Scope Ratings: AAA*, stable outlook
“The AAA/Stable rating of the CEB reflects its i) strong capital base, reinforced by the 2022 capital increase and comfortable retained earnings, ii) excellent asset quality, reflecting a low business risk profile, high average borrower quality, and the Bank’s strong preferred creditor status, iii) very high liquidity buffers, reflecting comprehensive risk indicators and accumulation of liquid assets, iv) growing strategic importance given the high demand for social investments throughout Europe, and v) highly rated shareholders.”
“The CEB benefits from the increasingly strategic role it plays for its 43 shareholder governments and from its strong governance. The 2022 capital increase, which was subscribed by 95% of eligible member states, supports the Bank’s ability to deliver on its Strategic Framework for 2023-27, amid rising demand for social investment projects across Europe.”
“The CEB’s financial profile is further supported by its excellent asset quality, with no defaults or late payments in 2025.”
“The CEB’s excellent financial profile is supported by its strong liquidity profile and excellent market access.”
Read more
Press release (5 June 2026)
Rating report (5 June 2026)
* Unsolicited in the case of Scope Ratings