Rating Information

IFFIm has been rated AAA/Aaa/AAA by FitchRatings, Moody’s Investor Service, and Standard & Poor’s. 

Rating Reports

FitchRatings: Credit Analysis Report (Mar08)
Moody's Investors Service: Press Release(Aug06), Press Release(Oct06)
Standard & Poor’s: Rating Report(May08) 

Trustees Report and Financial Statements

For the period ended 31 December 2006

Summary of key payment obligations and flows (see chart):

• Donors make payments to IFFIm based on legally binding grants to the GAVI Fund Affiliate, which intends to assign the right to receive such grants to IFFIm.
• IFFIm issues AAA/Aaa/AAA-rated bonds in the international capital markets. 
• The Treasury Manager, on behalf of IFFIm, will manage bond proceeds as liquid investments until they are needed for immunisation programmes in recipient countries. Funds flow from IFFIm to the GAVI Fund Affiliate and are disbursed as required for GAVI-approved programmes to procure needed vaccines and to support recipient countries through the GAVI Fund Affiliate, for GAVI-approved programmes.
• IFFIm repays bondholders using funds provided by donors pursuant to the agreed and legally binding grant payment obligations.