Fitch affirms EBRD at F1+ & AAA

Fitch Ratings has today affirmed the European Bank for Reconstruction and Development’s (EBRD) senior unsecured and short-term ratings at ‘AAA’/ ‘F1+’ as well its Long-term Issuer Default Rating (IDR) at ‘AAA’ and Short-term IDR at ‘F1+’.

Following the research of primary analyst, Amelie Roux, an announcement from Fitch said the EBRD’s “capitalisation is strong, as illustrated by an equity to asset ratio of 29.9% at June 2011 (2010: 31.1%) and a capital adequacy ratio equivalent to an estimated 27% under Basel 2 (2010: 26%). The bank has moderate leverage both in absolute terms and compared to European peers, at 215.5% at June 2011 (2010: 204.3%).”

The report also cited the following strenghts in support of the top rating:

A conservative risk management framework
Outstanding operations
Strict liquidity thresholds
Strong, diversified shareholder support able to withstand downgrade of large member countries
Limited exposure to eurozone countries