Summary: European Investment Fund Sep 05

Standard & Poors, September 2005

Abstract
The ratings on the European Investment Fund (EIF) reflect its strong shareholder support, high levels of 'AAA' rated callable capital, prudent statutory and policy controls, and a debt-free balance sheet. EIF is a Luxembourg-based financial institution of the European Community (EC; foreign currency AAA/Stable/A-1+; all references to ratings hereafter are to foreign currency sovereign credit ratings). At Dec. 31, 2004, its shareholders were the European Investment Bank (EIB; AAA/Stable/A-1+); the EC, represented by the European Commission; and 34 financial institutions from the enlarged EU. The key shareholders are firmly committed to EIF's mandate and operations. EIF forms an integral part of the EIB's operations and acts as its specialist arm for SME guarantee and VC operations, under the umbrella of...

Companies mentioned in this report are:
- European Investment Fund
- European Investment Bank

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- European Investment Fund
- European Investment Bank

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