Summary: European Investment Bank Sep 11

Standard & Poors, September 2011

Abstract
The 'AAA' rating on the European Investment Bank (EIB) is based primarily on the high quality of its assets and the expectation that the bank would receive support from its highly creditworthy member countries, if necessary. These two factors help distinguish the bank from commercial lending institutions, and they offset EIB's less-favorable leverage, excluding its 'AAA' callable capital, relative to most other multilateral lending institutions (MLIs). EIB was created by the Treaty of Rome in 1958 as the long-term lending bank of what is now the EU. Its shareholders consist entirely of EU member countries, each of which must join EIB and subscribe to its capital; accordingly, it had 27 country shareholders at year-end 2010. Germany (unsolicited AAA/Stable/A-1+; all country...

Companies mentioned in this report are:
- European Investment Bank
- Sweden (Kingdom of)
- France (Republic of) (Unsolicited Ratings)
- United Kingdom (Unsolicited Ratings)
- Spain (Kingdom of)
- Germany (Federal Republic of) (Unsolicited Ratings)
- Belgium (Kingdom of) (Unsolicited Ratings)
- Italy (Republic of) (Unsolicited Ratings)
- Netherlands (The) (State of) (Unsolicited Ratings)
- Croatia (Republic of)
- European Central Bank (Unsolicited Ratings)
- European Investment Fund
- Macedonia (Republic of)

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 Bank
- Sweden (Kingdom of)
- France (Republic of) (Unsolicited Ratings)
- United Kingdom (Unsolicited Ratings)
- Spain (Kingdom of)
- Germany (Federal Republic of) (Unsolicited Ratings)
- Belgium (Kingdom of) (Unsolicited Ratings)
- Italy (Republic of) (Unsolicited Ratings)
- Netherlands (The) (State of) (Unsolicited Ratings)
- Croatia (Republic of)
- European Central Bank (Unsolicited Ratings)
- European Investment Fund
- Macedonia (Republic of)

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