La banque du développement social en Europe

Rating AAA/AA+/Aa1

La Banque de Développement du Conseil de l’Europe (CEB) est notée par les trois principales agences de notation internationales : Standard & Poor’s, Fitch Ratings et Moody’s Investors Service. La très bonne notation long terme (AAA/AA+/Aa1) dont elle bénéficie est le reflet de sa solidité financière, de l’appui de son actionnariat et de sa gestion rigoureuse des risques. Le 15 février 2019, Standard & Poor’s a relevé la notation à long terme de la CEB à ‘AAA’ assortie d’une perspective stable. Le 5 septembre 2018, Fitch Ratings avait confirmé la note à long terme de la CEB à ‘AA+’ avec une perspective stable. Le 5 juillet 2018, Moody’s avait confirmé la notation à long terme de la CEB à Aa1, assortie d’une perspective stable. La note à court terme de la CEB est maintenue à ‘A-1+/F1+/P-1’, ce qui représente la note la plus élevée.

Standard & Poor's : AAA, perspective stable

CEB has increased its relevance as a funding contributor in its niche market over the past three years, which together with the bank’s pristine track record of preferred creditor treatment, underpins its improved extremely strong enterprise risk profile.

The outlook is stable, since we [Standard & Poor’s] expect CEB’s strengths will remain unchanged in the next two years, particularly its newfound positive disbursement dynamics and corresponding funding relevance, together with its very solid liquidity position.

With its broadening mandate and increasingly tangible role as a social investor in member countries’ budgets, CEB has managed to scale-up its operations.”

We [Standard & Poor’s] observe an ongoing deleveraging initiative at the bank, which in combination with fairly contained profitability and no expectation of an imminent capital increase from the shareholders, leads us to maintain our view of very strong capital adequacy on a stand-alone basis.”

Our [Standard & Poor’s] funding ratios indicate that CEB is structurally able to cover its scheduled short-term debt repayments and loan disbursements without recourse to new issuance.”

Shareholders have been supportive since inception.”

Research update: Council of Europe Development Bank Upgraded To ‘AAA’ On Criteria Revision; Outlook Stable (15 février 2019)
Rating report (1er août 2017)

Fitch Ratings : AA+, perspective stable 

“CEB’s ratings are driven by its intrinsic credit quality and reflect its strong solvency (assessed at aa-), its excellent liquidity (assessed at aaa) and its low-risk business environment, which provides an uplift of two notches to the lower of its solvency and liquidity assessment (aa-), resulting in an intrinsic rating of aa+.” 

The bank’s strong solvency assessment is driven by CEB’s very low risk profile, notably the excellent performance of its loan book, with no loan impairment in recent years. Fitch has revised the assessment of the Bank’s preferred creditor status (PCS) to ‘strong’ from ‘moderate’, in part reflecting the strong asset quality track record.”

“CEB’s risk profile also benefits from the high credit quality of its borrowers with an average rating of BBB+ (A after the two-notch upward PCS adjustment), among the highest in the multilateral development bank universe.”

Communiqué Fitch Ratings (5 septembre 2018)
Fitch Ratings Full rating report (9 octobre 2018)

Moody’s : Aa1, perspective stable

“The Council of Europe Development Bank has two principal credit strengths: (1) its conservative risk-management policies and practices, as well as its preferred creditor status, which have resulted in a strong asset performance; and (2) a consistently strong liquidity policy and conservative asset-liability management policies”

“We [Moody’s] assess the Capital Adequacy of CEB as 'Very High', based upon its exceptional asset performance and improving borrower creditworthiness, combined with the gradual improvement of its capital position”

“Borrower quality continue to improve[…] which compares favorably with Aaa-Aa1 rated peers”

“CEB has posted stable profitability over the past decade, with an average of €111.7 million for the period 2007-2017. This steady profitability is a credit strength as it has helped to enhance its capital over the years.”

“Our [Moody’s] 'Very High' assessment of the liquidity of CEB reflects its (1) prudent liquidity policy; (2) conservative treasury operations; and (3) diversified sources of funding.”

Annual Issuer in-depth (5 juillet 2018)
Moody's credit opinion (19 janvier 2018)