Readout of the Eighth MDBs & Credit Rating Agencies Roundtable

Since 2023, Chief Financial Officers and Chief Risk Officers from multilateral development banks (MDBs) and other development finance institutions (DFIs) have maintained a structured dialogue with credit rating agencies (CRAs).

The objective of the roundtables is to deepen mutual understanding and inform rating methodologies that appropriately reflect the distinctive financial structures, policy mandates, and risk management frameworks of MDBs.

Key outcomes and topics discussed during the Eighth Roundtable:

• Progress on Capital Adequacy Framework (CAF) reforms

Participants reviewed implementation of the G20 Capital Adequacy Framework recommendations and highlighted the continued expansion of key analytical tools, including the MDB Comparison Report and the Global Emerging Markets database. Participants noted that a majority of the CAF recommendations have now been incorporated into MDB practices, underscoring the sector’s continued commitment to strengthening financial capacity while preserving credit quality and development impact.

• Engagement on Fitch methodology review

MDBs discussed Fitch’s proposed revisions to its supranational methodology and outlined the key messages of a forthcoming joint response from MDBs. Participants welcomed Fitch’s greater recognition of callable capital, contingent capital, preferred creditor status, and reserve-building capacity. At the same time, MDBs emphasized that the final framework should more fully capture the economic substance of MDB shareholder-support and risk-mitigation mechanisms, avoid undue cliff effects, and provide greater transparency and consistency in the treatment of preferred creditor status, capital metrics, and forward-looking financial assessments.

• Engagement on Moody’s methodology implementation

MDBs reviewed the extent to which feedback provided during Moody’s methodology consultation process (Multilateral Development Banks and Other Supranational Entities: Proposed Methodology Update, February 17, 2026) was reflected in the final criteria published in June 2026 (Rating Methodology – Multilateral Financial Institutions, June 25, 2026) and exchanged views on implementation of the new framework. Moody’s shared perspectives on market reactions and the practical application of the recently adopted criteria.

• Engagement with S&P

MDBs and S&P exchanged views on selected methodology topics, market developments, and the treatment of MDB balance-sheet characteristics within rating assessments. Discussions focused on the role of empirical evidence and the continued importance of ensuring that rating frameworks appropriately recognize MDB-specific risk-mitigation features. 

MDB participants reiterated the importance of credit rating criteria properly reflecting the risk-mitigation mechanisms inherent in MDBs’ business models. CRAs appreciated the structured dialogue and deepened mutual understanding, and looked forward to continuing the discussion.

This is the second session of 2026 and the eighth in the ongoing series initiated in response to the G20 CAF Review. The meeting was hosted in Bangkok, Thailand, on the sidelines of the Fall Meetings of the International Monetary Fund and the World Bank Group. The next roundtable is scheduled for April 2027.

Participants in the roundtable included:

MDBs and DFIs:

1. Asian Development Bank (ADB)
2. African Development Bank (AfDB)
3. Asian Infrastructure Investment Bank (AIIB)
4. Black Sea Trade and Development Bank (BSTDB)
5. Central American Bank for Economic Integration (CABEI)
6. Caribbean Development Bank (CDB)
7. Council of Europe Development Bank (CEB)
8. Development Bank of Latin America and the Caribbean (CAF)
9. European Bank for Reconstruction and Development (EBRD)
10. European Investment Bank (EIB)
11. European Stability Mechanism (ESM)
12. Fondo Latinoamericano de Reservas (FLAR)
13. FONPLATA Development Bank
14. International Fund for Agricultural Development (IFAD)
15. Inter-American Development Bank (IDB)
16. IDB Invest
17. International Finance Corporation (IFC)
18. Islamic Development Bank (IsDB)
19. Multilateral Investment Guarantee Agency (MIGA)
20. New Development Bank (NDB)
21. Nordic Investment Bank (NIB)
22. World Bank

CRAs:

1. Standard & Poor's Global Ratings
2. Moody's Ratings
3. Fitch Ratings 

About AIIB

The Asian Infrastructure Investment Bank is a multilateral development bank dedicated to financing “Infrastructure for Tomorrow,” with sustainability at its core. AIIB began operations in 2016, now has 111 approved members worldwide, is capitalized at USD100 billion, and is AAA-rated by major international credit rating agencies. AIIB collaborates with partners to mobilize capital and invest in infrastructure and other productive sectors that foster sustainable economic development and enhance regional connectivity.