The European Investment Fund (EIF) has retained its top-tier AAA credit rating, with stable outlook, as confirmed by Morningstar DBRS (DBRS Ratings GmbH).

The agency stated that both the long-term and short-term credit rating trends for the fund remain stable.

“This reflects the EIF’s resilience to downside risks due to its strong institutional and financial fundamentals,” the agency said.

It pointed to the fund’s enhanced strategic importance to its key shareholders in recent years, as well as its continued deepening collaboration with the European Investment Bank (EIB), particularly in relation to climate efforts.

The ratings are also underpinned by the creditworthiness of the fund’s principal shareholders, currently the European Investment Bank with a 59.8 per cent stake and the European Union with 29.7 per cent.

Morningstar DBRS also mentioned that it evaluates the credibility of shareholders’ commitment to support the fund.

“This was demonstrated in February 2021,” the agency said, “when shareholders agreed to a 64 per cent capital increase to €7.4 billion, from €4.5 billion of total approved capital.”

It further added that the European Investment Fund has a “very strong capital position,” which is additionally bolstered by potential access to shareholder capital, as well as its very strong funding and liquidity profile.