Rating report

Moody's Global Credit Research report

"The Bank’s rating is firmly underpinned by strong support from both borrowing and non-borrowing member countries and its preferred creditor status. The rating also reflects the Bank’s prudent capital and liquidity policies and the maintenance of conservative operational and lending guidelines."

The following document is entitled "Credit Analysis. Moody's Global Sovereign - European Bank for Reconstruction & Development" (dated August 2008).

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