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 mai 2023, Scope Ratings a maintenu sa notation* pour la CEB à AAA avec une perspective stable. Le 27 juin 2023, Standard & Poor’s a confirmé sa notation AAA, avec une perspective stable. Le 18 juillet 2023, Fitch a amélioré sa notation à long terme pour la CEB à ‘AAA’, avec une perspective stable. Le 2 novembre 2023, Moody’s a confirmé sa notation à long terme pour la CEB à ‘Aaa’, perspective stable, sa meilleure notation. 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

“The credit profile of the Council of Europe Development Bank (CEB) reflects its strong asset quality and pristine track record of asset performance, as well as its high liquidity levels and strong access to funding. CEB's main credit challenges are its high leverage ratio and the fact that it only has moderate levels of callable capital relative to peers, although these metrics are set to improve due to a very significant increase of the bank's paid-in and callable capital which we expect will become effective at the beginning of 2024.”

“The stable outlook reflects our expectations that CEB’s capital adequacy will balance an excellent asset performance and a declining leverage ratio against somewhat increasing risks to its asset portfolio in coming years, while the bank’s very strong liquidity and funding profile will remain largely unchanged. Meanwhile, we expect that the level of shareholder support will remain strong in the wake of capital increase agreed at the end of 2022, with member states continuing to subscribe to the capital increase over the course of 2023 in line with their national ratification processes.”

“We [Moody’s] score CEB’s capital adequacy at “a2” based on the combination of a relatively high leverage ratio set against strong asset credit quality and exceptionally strong asset performance. That said, we make a positive one-notch adjustment for the trend on leverage, in light of the decline in leverage which we expect will follow from the increase in paid-in capital approved by the CEB Governing Board in December 2022.”

“We [Moody’s] consider CEB’s liquidity and funding position to be very strong with a score of “aa2” 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 CEB’s non-contractual support as “Very High” given the track record of support the bank has received from shareholders but also peers and the EU since its creation.”

Credit opinion (2 novembre 2023)

Standard & Poors : AAA, perspective stable

“We [S&P’s] think the Council of Europe Development Bank's (CEB's) loan and grant support for Ukrainian refugees in Europe since 2022 has demonstrated the bank's strong role and public policy social mandate. Ukraine's accession to the CEB was completed on June 15, 2023, and opens the way to future direct lending in Ukraine.”

“The €4.25 billion capital increase, decided by the governing board in December 2022, will benefit CEB's financial profile and reflects our [S&P’s] view of a strong relationship with shareholders.”

“The outlook on CEB is stable. We [S&P’s]  assume that, over the next two years, CEB will maintain an extremely strong financial risk profile, despite increased disbursements related to support for Ukrainian refugees in Europe and to funding that we expect CEB will provide for reconstruction of social infrastructure in Ukraine. Consequently, we expect the bank's policy importance to remain very strong, with continuous solid shareholder engagement in its activities. We  [S&P’s] also assume CEB will continue to enjoy very strong preferred creditor treatment (PCT).”

“CEB's role as a socially focused bank within Europe has solidified over the past three years. »”

“We [S&P’s] view favorably CEB's response in 2022 and 2023 to the Russia-Ukraine war”

“CEB's relevance as a multilateral lender lies in the expansion of its fiduciary activity and strengthening links with other supranationals.”

“CEB's risk-adjusted capital (RAC) ratio should improve from 27% as of Dec. 31, 2022, once the capital increase becomes effective.”

“We [S&P’s] believe CEB will retain a deep access to funding markets and adequate funding diversification.”

“CEB should be able to fully cover its balance-sheet liabilities without market access over the coming year.”

Research Update (27 juin 2023)

Fitch Ratings : AAA, perspective stable

“The upgrade of Council of Europe Development Bank (CEB)’s LT IDR to ‘AAA’ from ‘AA+’ primarily reflects a strengthening in our assessment of the bank’s solvency following the approval of a new capital increase by CEB’s shareholders in December 2022. The agency now expects CEB to operate with stronger capital ratios over the medium-term. The upgrade also reflects the resilience in the bank’s loan performance (with no non-performing loan in the last decade) and a strengthening of its policy importance given CEB’s role in providing support to refugees in recent crisis, including following the Russia Ukraine conflict.”

“CEB’s ‘AAA’ rating reflects its standalone credit profile (SCP) including a ‘aa’ solvency assessment (revised from ‘aa-’ previously), ‘aaa’ liquidity and an upwards adjustment by 2 notches over the lower of its solvency and liquidity to reflect a low risk business environment.”

“Fitch has revised its assessment of extraordinary support from shareholders to 'a' from ‘a-’ at the previous review […] The propensity to support has been revised from 'weak' at the previous review. In Fitch’s view, the recent capital increase is evidence of an increased shareholders’ propensity to provide financial support to the bank.”

Rapport de Fitch Ratings (02 août 2023)
Communiqué Fitch Ratings (18 juillet 2023)

Scope Ratings : AAA*, perspective stable

“The Council of Europe Development Bank (CEB)’s AAA rating reflects the supranational’s ‘excellent’ intrinsic strength and ‘very high’ shareholder support.”

“Its social mandate has been strengthened in the context of the Covid-19 pandemic and the Ukraine crisis, underscoring the bank’s unique role among European supranational institutions. This is reflected in the large increase of paid in and callable capital approved in December 2022, alongside the bank’s new Strategic Framework for 2023-27.”

“The CEB’s financial profile benefits from excellent asset quality with no non-performing loans (NPLs) and high average borrower quality due to its focus on the public sector, predominantly in Europe. It also benefits from preferred creditor status (PCS) for its sovereign exposures and growing geographical diversification towards Central and Eastern Europe. The CEB’s liquidity profile is exceptionally strong. The bank’s funding profile benefits from strong market access, especially for social inclusion bond issuance, accounting for about one third of the 2022 funding requirement.”

Communiqué Scope Ratings (19 mai 2023)
Rating report Scope Ratings (19 mai 2023)

* non-sollicitée