Rating report

Standard & Poor's Ratings Services

"The ratings of EBRD are based upon:

• "An extremely strong capital position, enhanced by the highest-quality callable capital of any multilateral development finance institution, and ample liquidity;
• Prudent financial management and policies; and
• Excellent franchise value, reflecting EBRD's status as the largest multilateral provider of financing to its countries of operations."

The following document is entitled "Standard & Poor's - Credit Research Report: European Bank for Reconstruction and Development" (dated 31 July 2007 ). In order to view the document, please read the following text and indicate your acceptance where provided below.

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© 2007 by Standard & Poor's, a Division of The McGraw-Hill Companies, Inc. Reproduced with permission of Standard & Poor's. The contents of the following document are the property and responsibility of Standard & Poor's and not of the European Bank for Reconstruction and Development (the “EBRD”). 

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