Readout of the Fifth MDBs & Credit Rating Agencies Roundtable

Paris - Chief Financial Officers and Chief Risk Officers from multilateral development banks and other development finance institutions (jointly referred to as MDBs) convened once again with the three major credit rating agencies (CRAs) to continue their technical dialogue on updating CRAs’ rating criteria.

The discussion focused on enhancing engagement to ensure CRA methodologies accurately reflect the financial structures and risk-mitigation frameworks of MDBs.

Topics discussed included:

• Progress on implementing the recommendations of the G20-sponsored Independent Review of MDBs’ Capital Adequacy Frameworks (CAF), including a review of achievements to date and a discussion on the way forward.
• Updates from the Global Emerging Markets Risk Database Consortium (GEMs), which provides critical data-driven insight for investors and credit rating agencies demonstrating MDBs’ strong credit performance.
• Updates from the credit rating agencies on recent changes to credit rating criteria and market developments relevant to the development finance ecosystem.

MDBs participants reiterated the importance of ensuring that credit rating criteria properly reflect the risk-mitigation mechanisms inherent in MDBs’ business models. CRA’s expressed appreciation for the continued structured dialogue and acknowledged the progress made in strengthening mutual understanding.

This is the first session of 2025 and fifth in the ongoing series initiated in response to the G20 CAF Review. The meeting was hosted at the Inter-American Development Bank's Headquarters in Washington, D.C., on the sidelines of the Spring Meetings of the International Monetary Fund and the World Bank Group. The next roundtable is scheduled for October 2025.

Participants in the roundtable included:

MDBs and development finance institutions

1. Asian Development Bank (ADB)
2. African Development Bank (AfDB)
3. Asian Infrastructure Investment Bank (AIIB)
4. Central American Bank for Economic Integration (CABEI)
5. Development Bank of Latin America and the Caribbean (CAF)
6. Caribbean Development Bank (CDB)
7. Council of Europe Development Bank (CEB)
8. European Bank for Reconstruction and Development (EBRD)
9. European Investment Bank (EIB)
10. European Stability Mechanism (ESM)
11. Fondo Latinoamericano de Reservas (FLAR)
12. FONPLATA Development Bank
13. International Fund for Agricultural Development (IFAD)
14. Inter-American Development Bank (IDB)
15. IDB Invest
16. International Finance Corporation (IFC)
17. Islamic Development Bank (IsDB)
18. Multilateral Investment Guarantee Agency (MIGA)
19. Nordic Investment Bank (NIB)
20. OPEC Fund for International Development (OPEC Fund)
21. World Bank

Credit Rating Agencies (CRAs)

1. Standard & Poor's Global Ratings
2. Moody's Ratings
3. Fitch Ratings