IFFIm risks post-Brexit downgrade

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By Frank Jackman
14 Aug 2019

With the UK under risk of a credit rating downgrade in the event of a no-deal Brexit, there is some concern that this could have a negative effect on the International Finance Facility for Immunisation (IFFIm), to which the country is the largest donor.

The small supranational issuer is rated AA/Aa1/AA, which is linked to the creditworthiness of its 10 sovereign donors.

These sovereign donors have pledged funds of $6.6bn to IFFIm for disbursement through Gavi, the Vaccine Alliance. IFFIm works through securitizing these commitments in the capital markets through bond issues ...

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