Rating Aaa/AAA
La Banque de Développement du Conseil de l’Europe (CEB) bénéficie d’une notation triple A par Moody’s, Standard & Poor’s, Fitch Ratings et Scope Ratings*. Cette très bonne notation reflète la solidité financière, le fort soutien de son actionnariat et la gestion rigoureuse des risques de la Banque.
Le 19 septembre 2025, Moody’s a confirmé sa notation à long terme pour la CEB à ‘Aaa’, perspective stable. Le 30 juillet 2025, Standard & Poor’s a confirmé sa notation AAA, avec une perspective stable. Le 6 juin 2025, Fitch a confirmé sa notation à long terme pour la CEB à ‘AAA’, avec une perspective stable. Également le 6 juin 2025, Scope Ratings a maintenu sa notation* pour la CEB à AAA avec une perspective stable. La note de la dette à court terme de la CEB attribuée par les agences de notation de crédit atteint le niveau le plus élevé sur l'échelle de notation, à savoir “ P-1/A-1+/F1+/S-1+* ”.
Moody’s : Aaa, perspective stable
“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.”
Communiqué de presse (19 septembre 2025)
Rapport de notation (19 septembre 2025)
Standard & Poor’s : AAA, perspective stable
“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.”
Rating report (30 juillet 2025)
Fitch Ratings : AAA, perspective stable
“CEB's 'AAA' rating reflects its Standalone Credit Profile (SCP) of 'aaa', which reflects a 'aa' solvency assessment, 'aaa' liquidity assessment and a two-notch upward adjustment over the lower of its solvency and liquidity assessments to reflect the low-risk business environment. The solvency assessment of 'aa' balances the bank's 'strong' capitalisation and 'very low' risks.”
“We [Fitch] expect CEB's higher risk exposure to Ukraine by end-2027 to partly offset the positive impacts of the capital increase, but not to the extent that it will change our assessment.”
“Excellent Liquidity: CEB's 'aaa' liquidity assessment reflects its excellent liquidity buffers, the strong credit quality of its treasury portfolio (62% rated above 'AA-' at end-2024), 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.”
Communiqué Fitch Ratings (6 juin 2025)
Rapport de Fitch Ratings (10 juillet 2025)
Scope Ratings : AAA*, perspective stable
“The AAA/Stable rating of the Council of Europe Development Bank (CEB) reflects: i) its ‘Excellent’ institutional and financial profiles, which drive our ‘aaa’ assessment of the bank’s intrinsic credit profile, and ii) ‘Very High’ shareholder support”
“The CEB benefits from the increasingly strategic role it plays for its shareholder governments as well as from its excellent governance. The bank’s social mandate – unique among European supranational institutions – has served shareholders well in helping finance their responses to the Covid pandemic and Ukraine crisis. The completion of the 2022 capital increase supports the bank’s ability to deliver on its Strategic Framework for 2023-27 given the growing demand for social investments throughout Europe.”
“The CEB’s excellent asset quality with no non-performing loans is driven by its low-business risk profile, high average borrower quality, preferred creditor status for its sovereign exposure and diversified portfolio across geographies.”
“The CEB’s shareholder support is assessed as ‘Very High’. This reflects primarily the ‘High’ ability and willingness of key members to provide financial support, if ever needed.”
Communiqué Scope Ratings (6 juin 2025)
Rating report Scope Ratings (6 juin 2025)
* non-sollicitée