Private FIs
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.
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.
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
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
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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