Credit rating Aaa/AAA
The Council of Europe Development Bank (CEB) enjoys triple A rating by Moody’s, Standard & Poor’s, 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 19 September 2025, Moody’s confirmed the CEB’s long-term rating to Aaa ‘stable’. On 30 July 2025, Standard & Poor’s 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
“CEB’s key credit strengths include strong asset quality and an outstanding asset performance with zero non-performing loans over decades. Its asset quality benefits from strong underlying borrower credit quality and good diversification of the loan book. Asset quality is also enhanced by the bank’s preferred creditor status (PCS) and the effective use of credit protections, mainly guarantee schemes, including from the European Union (EU, Aaa stable), under the European Commission InvestEU program.”
“The affirmation of the ratings also reflects CEB’s very strong liquidity and funding profile.”
"Extraordinary support from shareholders is a further credit strength.”
“The stable outlook reflects our view that CEB’s ongoing credit strengths, including its very strong liquidity and funding profile, strong asset quality and performance, as well as prudent risk management, will offset the increasing risks to it asset portfolio because of the ongoing increase in operations in Ukraine. It also reflects our view that the level of shareholder support will remain strong, as exemplified by the recent capital increase that concluded successfully at the end of 2024.”
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Press release (19 September 2025)
Rating report (19 September 2025)
Standard & Poor’s: AAA, stable outlook
“In our [S&P’s] view, the Council of Europe Development Bank's (CEB's) role as a socially focused bank within Europe has solidified over the past few years.”
“CEB's financial profile has strengthened further due to the completion of capital injections, strengthening its risk adjust capital ratio to 32.1%, in spite of an increase in loan and finance exposures.”
“We [S&P’s] expect an excellent asset quality track record and low cost of risk will continue to support CEB's capitalization”
“CEB's history of demonstrated PCT also underlines the bank's overall enterprise risk profile”
“The 2023-2027 strategic plan also reflects the bank's more dynamic approach leveraging on increased demand for social investments throughout Europe and new partnerships forged through the pandemic with other international organizations.”
“In our [S&P’s] opinion, CEB benefits from strong governance and risk management standards”
“Operationally, we [S&P’s] think CEB has conservative risk and liquidity management policies.”
“We [S&P’s] assess CEB's stand-alone credit profile (SACP) as 'aaa' based on the bank's stand-alone merits. “
“In line with its social mandate, CEB has established a strong track record and expertise as a social bond issuer.”
“Under our [S&P’s] liquidity stress scenario, at all horizons up to one year, CEB would fully cover its balance-sheet liabilities without market access.”
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Rating report (30 July 2025)
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.”
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Fitch Ratings report 16 Jun 2026
Press release (1 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.”
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Press release (5 June 2026)
Rating report (5 June 2026)
* unsolicited