Scope Ratings reviews its ratings either yearly, or every six months in the case of sovereigns, sub-sovereigns and supranational organisations. Monitoring reviews are unrelated to the calendar that outlines public finance rating actions.

Scope performs monitoring reviews to determine whether outstanding ratings remains proportionate. Monitoring reviews are conducted either by performing a portfolio review in terms of the applicable methodology/ies, latest developments, and the rated entity’s financial and operational aspects relative to similarly rated peers; or through targeted reviews on an individual credit. Scope publicly announces the completion of each monitoring review on its website.

Scope completed the monitoring review for the European Bank for Reconstruction and Development (AAA/ Stable; S-1+/Stable) on 6 January 2021. This monitoring note does not constitute a rating action nor indicates the likelihood of a credit rating action in the short term. The latest information on the credit ratings in this monitoring note along with the associated rating history can be found on www.scoperatings.com.

Key rating factors

The European Bank for Reconstruction and Development’s (EBRD) AAA/Stable rating reflects the supranational’s highly rated key shareholders, high capital endowment, very strong liquidity position and excellent capital markets access. The EBRD’s mandate to provide lending to transition economies results in relatively weak asset quality, including substantial exposures in Turkey (B/Negative). The Stable Outlook reflects Scope’s assessment of the EBRD’s significant financial buffers to withstand external and balance-sheet-driven shocks.

The methodology applicable for the reviewed rating(s) and/or rating Outlook(s) (Rating Methodology: Supranational Entities, 11 November 2020) is available on https://www.scoperatings.com/#!methodology/list.
This monitoring note is issued by Scope Ratings GmbH, Lennéstraße 5, D-10785 Berlin, Tel +49 30 27891-0.
Lead analyst Bernhard Bartels, Director

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