1. Themes
  2. MDB Reform
  3. Credit Rating Agency Cooperation

Credit Rating Agency Cooperation

The 2022 Capital Adequacy Framework recommendations called on MDBs to work with credit rating agencies to reassess how MDBs' credit ratings, and credit risks, are evaluated.

2030 Goals

01

Credit agencies adjust their ratings criteria of MDBs to better reflect MDBs' unique capacity to manage risk and fulfill financial commitments while expanding their balance sheets.

Status

No Progress

The CAF recommendations called on credit rating agencies to work with MDBs on a more fit-for-purpose rating method.

While progress has been slow, representatives from MDBs and DFIs have been meeting with the three major credit rating agencies - Fitch, Moody's, and S&P Global Ratings through a series of roundtables. The fifth meeting in April 2025 included updates on progress against the CAF recommendations, updates from the GEMs database, and updates from CRAs on changes to credit rating criteria.

Leading Actors

Cooperation is required between these actors and audiences to drive progress foward in Credit Rating Agency Cooperation.

Private FIs

Moody's

Private FIs

S&P Global Ratings

Private FIs

Fitch Ratings

Multilateral Development Banks

World Bank

Multilateral Development Banks

Asian Infrastructure Investment Bank (AIIB)

Multilateral Development Banks

European Bank for Reconstruction and Development (EBRD)

Multilateral Development Banks

MIGA

Multilateral Development Banks

Islamic Development Bank (IsDB)

Multilateral Development Banks

New Development Bank (NDB - BRICS Bank)

Multilateral Development Banks

International Finance Corporation (IFC)

Multilateral Development Banks

International Fund for Agricultural Development (IFAD)

Multilateral Development Banks

OPEC Fund

Multilateral Development Banks

International Bank for Reconstruction and Development (IBRD)

International Organizations

UN Trade and Development (UNCTAD)

International Organizations

Africa Credit Rating Agency

Alliances

African Union

Alliances

G7

Alliances

G20 Ministries of Finance

Alliances

G24

Alliances

Glasgow Financial Alliance for Net Zero (GFANZ)

Alliances

V20

Supportive Stakeholders

Sustainable Debt Coalition

Supportive Stakeholders

The Sustainability Linked Sovereign Debt Hub

Supportive Stakeholders

MDB Reform Accelerator

Key Milestones

Showcasing the key reform milestones for Credit Rating Agency Cooperation that have been addressed at global events.

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Washington DC, US

WBG/IMF Spring Meetings

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  • Credit Rating Agency Cooperation

    MDBS, credit rating agencies, and relevant CSOs discuss strategies to align credit rating methodologies with climate and development priorities, improving recognition of MDB-backed projects and reducing the cost of capital for EMDEs.

  • MDB Risk Appetite

    MDBs agree to explore ways to expand MDBs’ risk-taking capacity to support higher-impact climate, infrastructure, and just transition investments while maintaining financial sustainability.

Washington, DC

WBG/IMF Annual Meetings

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  • Standardization, Data-Sharing, and Transparency

    The first "MDB Comparison Report" was published in an effort to share metric and data about the MDBs' finacial standing in a standardized way, as requested by the G20 to increase transparency and comparability of the MDBs. The report provides broad strokes comparisons on liquidity, credit ratings, leverage and risk management. The GEMs Consortium released a new report on default and recovery statistics with more granular data than had previously been released. The data indicated that investment risk in EMDEs was lower than commonly perceived.

  • Originate-to-Distribute Models

    Heads of MDBs noted on-going coordination on originate-to-share/distribute models in their shared statement, however no MDB made major announcements on plans to launch full scale securitization pilots under OtD framework.

Learn More

Publications and educational material to deepen understanding of Credit Rating Agency Cooperation.

Credit Rating Agency Methodology for Multilateral Development Banks

Credit Rating Agency Cooperation

Report from the MDBs from October 2025 on cooperation with CRAs to date and areas for future engagement.

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