Press Release|Sovereigns
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KBRA Affirms AAA/K1+ Ratings for the European Investment Fund; Stable Outlook

9 Oct 2026   |   Dublin

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KBRA Europe (KBRA) affirms its AAA long-term issuer rating for the European Investment Fund (EIF). KBRA also affirms the supranational’s K1+ short-term issuer rating. The Outlook on the long-term rating is Stable.

 KBRA's credit ratings for the EIF reflect strong shareholder ability and willingness to provide support to the institution, underpinned by its ownership structure and strategic relevance to the European Union's policy objectives. The EIF plays a vital role in providing finance to small- and medium-sized enterprises, with its broader mandate supporting European strategic priorities across the technology, energy, climate, and defence sectors. The institution continues to showcase a strong financial profile, characterised by sound capitalisation and a long track record of limited guarantee calls, further supported by a predominantly investment-grade guarantee portfolio. The EIF's strong liquidity position benefits from high-quality liquid assets and predictable cash flow requirements, with the absence of outstanding debt further supporting its financial flexibility. In addition, prudent governance and well-established risk management frameworks reinforce the EIF’s credit ratings.

The ratings were solicited by a third party. The rated entity did participate in the rating process and KBRA did not have access to management and internal documents.

To access ratings and relevant documents, click here.

Click here to view the report.

Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.

About KBRA Europe

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Kroll Bond Rating Agency Europe Limited is located at 2nd Floor, One George’s Quay Plaza, George’s Quay, Dublin 2, D02 E440, Ireland.

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