International Finance Corp.
March 28, 2024

Primary contact
This report does not constitute a rating action.

Lisa M Schineller, PhD
New York
1-212-438-7352
lisa.schineller@spglobal.com

Ratings Score Snapshot

Secondary contact
Alexander Ekbom
Stockholm
46-84-40-5911
alexander.ekbom@spglobal.com

Overview
Enterprise risk profile

Financial risk profile

Long track record of fulfilling private-sector-focused
mandate and strong countercyclical role.

Robust capitalization and very strong funding andliquidity.

--Shareholders, through the IFC board of governors,
approved a US$5.5 billion capital increase in 2018,reflecting our view of strong shareholder support.

--Expected paid-in capital supports larger lending
volumes and extremely strong capital adequacy.

--Heightened focus on mobilizing private investment
under the WBG Evolution Roadmap underscores IFC’s
policy importance.

--Loss experience has continued to strengthen amid the
pandemic and given limited exposure to the RussiaUkraine conflict--Diverse and balanced group of government
shareholders and strong risk management practices.

--Diversified funding base and matched-funding policy
limit risk.

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International Finance Corp.

We believe International Finance Corp. (IFC) shareholders' commitment to private-sector-led
development is front and center in the 2023 launch of the Evolution Roadmap. The roadmap
envisages an expansion of World Bank Group (WBG)-led development activities to reducepoverty in an environmentally sustainable manner. To that end, WBG leadership considers themobilization of private capital to be critical given the comparative global scarcity ofdevelopment funding related to U.N. goals particularly since the start of the pandemic and amid
climate challenges. One World Bank Group approach, which places IFC at the center of
additional expertise and private-sector resource mobilization, capitalizes and builds on IFC’s 3.0
strategy, under which IFC revamped its business model and introduced various organizationalchanges alongside the April 2018 capital increase.
In addition, we believe IFC’s robust countercyclical track record underpins its policy
importance. This is exemplified by its response to the pandemic and its increased exposure to
International Development Assn. (IDA) loan-eligible countries and those classified by the WorldBank as having fragile and conflict-affected situations (FCS). We believe IFC, alongside theEuropean Investment Bank, is a global leader in mobilization, supported by various co-lending
platforms and increased risk-mitigating and credit-enhancing products. Under the Evolution
Roadmap, we expect innovative approaches to grow--including via a warehouse-enabled
securitization platform to support additional private capital with unified loan standards for
Paris-aligned impact loans.
IFC’s risk-adjusted capital (RAC) ratio of 38.1% as of the fiscal year ended June 2023 (fiscal
2023) and strong liquidity buffers are strengths, in our view. IFC maintains strong capital
buffers, supported by incoming capital increase payments and comprehensive risk
management policies. While increased lending to IDA loan-eligible and FCS countries could
weigh on the RAC ratio, we expect it will remain above the 23% threshold under our financial risk
profile. IFC's funding is broadly diversified geographically and by type of investor given theinstitution's track record of frequent issuance in many markets and currencies.

OutlookThe stable outlook reflects S&P Global Ratings' expectation that IFC will maintain high capital,
strong liquidity, and robust risk management policies. We expect IFC will continue to deliver on
its mandate as its operational and financial model overhaul in recent years positions it tofurther mobilize higher levels of private-sector investment and play a central role in the One
World Bank strategy to end extreme poverty and boost shared prosperity on a livable planet.

Downside scenario
We could lower the ratings if, in the next two years and contrary to our expectations,relationships with shareholders deteriorate and IFC does not execute its mandate or if we
believe its financial and enterprise risks have worsened.

Enterprise Risk Profile
Policy importance: We believe IFC will continue to fulfil its mandate
Established in 1956, IFC is a member of the WBG and one of the oldest multilateral lending
institutions, as well as one of the largest by number of shareholders. IFC is a legal entity,
separate and distinct from the International Bank for Reconstruction and Development (IBRD),
the IDA, the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for
the Settlement of Investment Disputes. It has its own articles of agreement, share capital,
financial structure, management, and staff.

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International Finance Corp.

IFC's policy importance is supported by more than six decades of fulfilling its mandate. As a
private-sector lender, IFC's mandate is to support market creation. In addition, it is a key playerin establishing best practices. Its environmental and social performance standards and its
corporate governance methodology are broadly used as global benchmarks.
IFC has implemented accountability mechanisms to ensure environmental and social
compliance on related projects, which we view as strong and transparent. IFC lends globally,
reducing its vulnerability to local environmental risks. We anticipate that its environmental andsocial risk exposures will rise as it increases its commitments to IDA-eligible and FCS countries.
To counter this, all potential projects are subject to a comprehensive impact measuring andmonitoring analysis to gauge developmental outcomes.
We believe IFC’s private-sector focus is strongly backed by the commitment of its
shareholders, and the institution will continue to focus on mobilization efforts and IDA loaneligible and FCS countries. In April 2018, the IFC board of governors adopted resolutions
approving a US$5.5 billion capital increase for IFC as part of a US$13 billion paid-in capitalincrease package for IBRD and IFC. The additional capital is to strengthen IFC's ability to take on
greater risks and bring innovative private-sector solutions at scale to IDA loan-eligible and FCS
countries, given the World Bank Group's increased focus in these areas.
As of the first quarter of fiscal 2024, IFC had received US$3.1 billion in capital payments from104 countries. We believe IFC’s stronger focus on creating and opening new markets to support
private-sector mobilization through its advisory services, risk mitigation and credit
enhancement products, and mobilization platforms reflects its unique role, which is not easily
fulfilled by other private-sector-focused institutions or domestic public institutions in IFC'soperating countries.
IFC’s successful execution of its 3.0 long-term strategy, representing a deliberate andsystematic operating model to support market creation, reinforces and enhances its positionin the One World Bank approach, in our view. Since 2017, IFC has reshaped its organization
structure. It rolled out new tools and approaches to better align with IFC 3.0 and created
upstream units to support closer collaboration with other entities in the WBG to develop
bankable projects that address development priorities. Furthermore, IFC made significant
changes to its workforce, hiring over 500 employees with more specialized skills and greater
field presence, of which over half were dedicated to upstream activity.
We believe IFC has been successful in this strategy--evidenced by an increase in exposure to
IDA loan-eligible and FCS countries, growing use of IFC's advisory services and co-lending
platforms, and increased risk mitigating and credit enhancement products. IFC is set to play acentral role within the WBG Evolution Roadmap Strategy. However, emphasis is on IFC
leveraging operational efficiencies by working with IBRD/IDA/MIGA to expand bankable projects
through its upstream advisory services/capacities, and then its financial capacity to mobilize
private investment.
IFC is expanding lending pipelines in the poorest countries and fragile areas. As part of therecent capital increase package, IFC has been charged with additional focus on lending andresource mobilization in IDA loan-eligible and FCS countries. This was accentuated under global
implications associated with COVID-19 and Russia’s invasion of Ukraine. For example, IFC has
focused on financial and advisory support to Ukraine clients, included enabling access toessential products and exports, and would shift to support reconstruction.
IFC has committed over US$25 billion for pandemic-related programming: a total US$8.4 billion
under the Fast Track Covid-19 Facility and US$17 billion outside of the facility. Of the fast track
funds, IFC committed that 40% would go to FCS and very low-income countries.
The IDA private-sector window also represents a unique development tool to crowd-in
additional lending to IDA loan-eligible and FCS countries. Since the window was created under
IDA’s 18th replenishment, it has been allocated US$5.5 billion for IDA loan-eligible and FCS

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International Finance Corp.

countries. As of June 30, 2023, US$2.8 billion had been approved for IFC of the US$3.8 billion
total approvals.

IFC's five largest countries purpose-related exposures
Share of financial guarantees for exposure at risk as of June 30, 2023.

10%

India
8%

65%

Brazil7%

Turkiye

5%

China

5%

South Africa
Other

Source: IFC Annual report June 2023 - Financial Highlights
Copyright © 2024 by Standard & Poor’s Financial Services LLC. All rights reserved.

We believe IFC remains a leader in mobilization efforts. In fiscal 2023, IFC's total coremobilization increased to US$15 billion from US$10.6 billion in fiscal 2022. IFC primarily mobilizes
private-sector capital through loan participations or parallel loans, where it can act as leadarranger or lender of record, and its advisory support.
IFC's Asset Management Co. invests third-party and IFC capital in its equity investments, having
raised a total US$10.1 billion in funds since inception, of which US$7.4 billion has beencommitted. Through its managed co-lending portfolio program, investors pledge capital up front
and IFC identifies eligible loan investments. As of fiscal 2023, 11 global investors have committed
about US$12.7 billion.
We believe IFC, alongside the European Investment Bank, is a global leader in mobilization in
emerging markets and developing countries. Over the years, IFC has mobilized from third
parties 90%-100% of its own account lending--in line with its renewed focus on private-sector
development and mobilization to bridge the infrastructure gap in support of the U.N.
Sustainable Development Goals 2030 agenda (see “It's Time For A Change: MLIs And
Mobilization Of The Private Sector,” Sept. 21, 2018).
IFC is tasked to lead WBG in expanding the universe of bankable projects under the Evolution
Roadmap, including with blended finance. Advisory work on upstream project includes therecent emphasis on projects in poorer and vulnerable countries. It is expected to broaden its
partners and reach additional institutional investors via the Private-Sector Investment Lab,
scale up mobilization funds via Managed Co-lending Portfolio Program One Planet, and raise
equity capital via IFC EM Sustainability funds.
As a fully specialized private-sector lender, IFC does not benefit from preferred creditor
treatment, which we only apply to sovereign exposures. However, we expect IFC will continue
to benefit from preferential treatment by most of the governments of countries it operates in.
IFC has been exempt from exchange controls, whereas some commercial debtors have not.
Governance and management expertise: Diverse shareholder base with generally highranking governance based on WB indicators

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International Finance Corp.

IFC is owned by 186 member countries, the U.S. being the largest shareholder (with 18.2% ofvoting power), followed by Japan (7.6%), and Germany (5.1%). No major shareholder has
withdrawn from IFC, and we don’t expect any to do so in the medium term. We believe IFC's
shareholder diversity is further enhanced by its robust management expertise and risk
practices. IFC has no private-sector shareholding, and shareholders allow multilateral lending
institution earnings to be retained, which further supports our assessment.
We view IFC's management as strong given its strategic implementation record. Beginning in2017 under its 3.0 strategy, the institution made important organizational changes, which
extended to workforce planning, reorganizing managers and directors, and changing its
processes, frameworks, and methods.
In fiscal 2019, IFC completed the restructuring of its operations leadership team, with 15 new
directors appointed during the year. In February 2021, the IFC board of directors appointed
Makhtar Diop as IFC’s new managing director and executive vice president. As part of the
Evolution Roadmap, revised corporate scorecards will be formulated across the WBG, as will
enhanced joint programs to deliver combined public- and private-sector solutions.
IFC's financial and risk management policies, limits, and methods are robust andconservative. We believe the institution has a strong credit and equity culture, supported by its
four regional chief risk officers, specialized equity risk officers, and the chief risk officer. We
believe IFC is well-positioned to manage higher risks associated with its growing exposure to IDA
loan-eligible and FCS countries.

IFC's five largest shareholders
Selected World Bank governance indicators
United Kingdom
FranceGermany

85.9
83.0

Regulatory quality

Japan
United States

Control of corruption

88.2

Government effectiveness
96.2

86.8

74.0 76.0 78.0 80.0 82.0 84.0 86.0 88.0 90.0 92.0 94.0 96.0 98.0
Source: IFC Annual Report and Worldwide governance indcators website
Copyright © 2024 by Standard & Poor’s Financial Services LLC. All rights reserved.

Financial Risk Profile
Capital adequacy: IFC’s RAC ratio reflects its substantial capitalization
IFC’s RAC ratio stood at 38.1% as of fiscal 2023, incorporating all the parameters as of Feb. 7,
2024. The ratio marginally declined from 38.6% as of fiscal 2022, as the growth in risk-adjusted
assets outpaced the increase in capital during the period. The capital base increased to US$35
billion on June 30, 2023, from US$32.8 billion on June 30, 2022, supported by profits of US$672
million compared to net losses of US$464 million during the previous fiscal year.

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International Finance Corp.

IFC’s capital position has been supported over recent years by its strategic efforts to streamline
its equity investment portfolio, which represented 18.4% of its disbursed portfolio in fiscal 2023,
down from 28% in fiscal 2018.
We expect a steady increase in IFC’s disbursed investment portfolio. The disbursed
investment portfolio continued to increase in fiscal 2023 to US$52.8 billion from US$45.1 billion
at the end of fiscal 2022. At end-September 2023, the portfolio stood at US$54.9 billion.
This is in line with our expectation that the portfolio will increase over the coming years,
supported by the organizational changes incorporated earlier and the capital injection (bothgeneral and selective) expected to be finalized by April 2025. As of June 2023, 120 countries
subscribed US$4.4 billion, of which 100 had paid US$3.0 billion.
IFC has a well-diversified portfolio by country, region. and sector. The outstanding portfolio
increased to US$57.5 billion at the end of fiscal 2023, from US$49.5 billion the year before. The
portfolio, including loans, equities, and guarantees, has expanded since 2015 and remains welldiversified by country and sector.
The 10 largest country exposures account for 50% of the disbursed portfolio, with the largest
share of the disbursed portfolio (44%) going to the finance and insurance sector. India has been
IFC's largest country exposure since 2010, accounting for about 10% of both its disbursed andcommitted portfolio, followed by Brazil and Turkiye, each with about 8%.
Remarkably, given its private-sector focus, IFC's approach limits and reduces the indirectenvironmental exposure that could arise from its equity investments. Since 2008, the institution
has not invested in direct coal financing. As of 2017, it no longer finances upstream oil and gas
projects, except under exceptional circumstances.. IFC committed to align 85% of new financial
flows beginning July 1, 2023--and 100% beginning July 1, 2025--with the mitigation andadaptation goals of the Paris Agreement. This commitment is consistent with the Joint
Multilateral Development Bank Methodological Principles for assessing Paris Alignment.
We expect the capital injection will translate in a stronger focus on lower-rated IDA loaneligible and FCS countries--possibly neutralizing the benefit on the RAC ratio. At the sametime, losses could increase as IFC shifts more of its portfolio to higher risk countries. However,
we believe this will be largely mitigated by generally higher recovery prospects given IFC tends
to be a key stakeholder in these areas with strong ties at the government and project level,
supporting its work with countries that typically have difficult legal environments.
IFC transfers to IDA (after the IDA’s 18th replenishment cycle) have been suspended as partof IFC's capital increase package. IFC's capital position was also supported in part by its
change in methodology for calculating designations--which are allocations of retained earnings
used for grants, its advisory services, and other funds--now linked to its capital adequacy
framework.
In fiscal 2018, IFC introduced a limit to the maximum cumulative amount that can be transferred
to IDA of US$300 million, with no more than US$100 million in any given year. In fiscal 2021,
transfers to IDA amounted to US$213 million and there have been no transfers since.
Asset quality has remained in line with peers. IFC's loss experience has consistently declined,with nonaccruing loans reaching 2.7% of average loans in fiscal 2023, having peaked at 6.5% in2016 over recent years. It has shown a declining trend for last three fiscal years.
Regionally, nonperforming loans are concentrated in the Middle East, Africa, and Turkiye &Central Asia. We believe IFC will continue to carefully manage risks and new lending; its special
operations unit stands out as a proactive element of risk management culture and expertise.
Total loss reserves were 3.7% of the portfolio at the end of fiscal 2023, down from 4.4% at theend of 2022. Although total reserves against loan losses remained unchanged during the year,
the ratio declined due to a larger loan balance for the period. IFC's direct exposure to thewww.spglobal.com/ratingsdirect

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International Finance Corp.

Russia-Ukraine conflict is limited, although a qualitative provision overlay for US$135 million wasapplied for potential losses as of fiscal 2023.

International Finance Corp.--Risk-adjusted capital framework data: June 2023
Exposure

S&P Global Ratings
RWA

Average S&P Global Ratings RW (%)

Government and central banks

23,4542,369

10Institutions

38,86826,467

68

Corporate

26,39737,436

142

Securitization

6,931

1,987

29

Other assets

5,259

8,807

167

Total credit risk

100,91077,06676

11,87028,329239(Mil. US$)
Credit risk

RetailMarket risk
Equity in the banking bookTrading book market risk
Total market risk

28,329Operational risk
Total operational risk

-11,777--

117,172

100

716

2

Sector (on corporate portfolio)-3,560-9Geographic-19,261-19

Risk transfer mechanisms
Risk transfer mechanisms RWA
RWA before MLI Adjustments
MLI adjustments
Single name (on corporate exposures)

Preferred creditor treatment (on sovereign exposures)00Preferential treatment (on FI and corporate exposures)-7,073-1100

Total MLI adjustments-29,179-25

RWA after MLI adjustments

87,99375

Capital ratio before adjustments

33,56129

Capital ratio after adjustments

33,56138

Single name (on sovereign exposures)

MLI--Multilateral lending institutions. RW--Risk weight. RWA--Risk-weighted assets.

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International Finance Corp.

IFC risk-adjusted capital ratio peer comparison

60

2023
2022

Adjusted RAC ratio (%)

50

2021

40

2020
2019

30
20
10
0

IFC

EBRD

IBRD

AfDB

IDB Invest

2023 data as of end- June. EBRD- -European Bank for Reconstruction and Development. IBRD-International Bank for Reconstruction and Development. AfDB- -African Development Bank. Source:
S&P Global Ratings.
Copyright © 2024 by Standard & Poor’s Financial Services LLC. All rights reserved.

Funding: Diversified funding profile with easy access to markets
IFC's funding program is broadly diversified by geography and investor type, given theinstitution's frequent issuance in many markets and currencies. IFC is an important issuer in thegreen bond market, with around US$12.5 billion issued since 2010. It has also played an
important role in establishing the social bond market. In addition, IFC leads global efforts onblue bonds, including establishing guidelines to set market standards and facilitate blue bondissuance and loan commitments.
In fiscal 2023, IFC raised US$13.7 billion in medium- and long-term notes across over 20
currencies, although the U.S. dollar remains its primary funding currency, and typically had
US$3 billion outstanding in discount notes. IFC follows a matched-funding policy under whichloan assets are funded by liabilities with similar interest rate, currency, and maturity
characteristics, except for new products approved by the board of directors involving assetliability mismatches. Use of derivatives allows borrowings and investments in various currencies
and interest rate schemes.
Liquidity: Liquidity remains robust
IFC maintains a strong liquid asset cushion, accounting for 43.0% of total adjusted assets and
90.5% of gross debt as of June 30, 2023. Our liquidity ratios indicate IFC would be able to fulfill
its mandate as planned for at least one year, even under stressed market conditions, without
access to the capital markets.
For fiscal 2023 data and incorporating our updated liquidity haircuts, our 12-month liquidity ratio
considering the netted derivatives position was 1.6x with scheduled loan disbursements, while
the six-month ratio was 1.8x. We estimate IFC would not need to slow disbursements under astress scenario, which considers 50% of all undisbursed loans, regardless of the planned
disbursement date, as if they were coming due in the next 12 months.

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International Finance Corp.

IFC liquidity stress rest ratios peer comparison
3.5

3.1

3.0
2.5
2.0

2.2

2.0

1.8

2.2

Six months

1.5

12 months

1.0

12 months including 50% of all undisbursed
loans

0.5
0.0

IFC
EBRD
IBRD
AfDB
IDB Invest
Data as of end-June 2022 for AfDB. For all others data as of end-June 2023. EBRD--European Bank for
Reconstruction and Development. IBRD--International Bank for Reconstruction and Development. AfDB-African Development Bank. Source: S&P Global Ratings.
Copyright © 2024 by Standard & Poor’s Financial Services LLC. All rights reserved.

Extraordinary Shareholder Support
IFC has no callable capital, so the long-term issuer credit rating reflects our assessment of IFC's
stand-alone credit profile of 'aaa'.

International Finance Corp. selected indicators
2023

2022

2021

2020

2019

Total purpose-related exposure(loans, equity, etc.) (mil. $)*57,11149,502

49,88846,68647,552Public-sector (including
sovereign-guaranteed)loans/purpose-related exposure
(%)

0

0

0

0

0

76

76

71

ENTERPRISE PROFILE
Policy importancePrivate-sector loans/purposerelated exposures (%)
Gross loan growth (%)

22.74

-0.36

5.77

2.83

3.27

Preferred creditor treatment
ratio (%)

N/A

N/A

N/A

N/A

N/A

77

77

77

Governance and management expertise
Share of votes controlled byeligible borrower member
countries (%)
Concentration of top twoshareholders (%)
Eligible callable capital (mil. $)www.spglobal.com/ratingsdirect

27

28.2

29.2

27.0

27.0

N/A

N/A

N/A

N/A

N/A

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International Finance Corp.

International Finance Corp. selected indicators
2023

2022

2021

2020

2019

RAC ratio (%)

38.1

Net interest income/average net
loans (%)

3.6

38.6

34

34.4

34.9

4.0

4.0

4.1

4.0

Net income/average
shareholders' equity (%)

2.0

-1.5

14.9

-6.3

0.4

Impaired loans andadvances/total loans (%)

2.7

3.9

6.5

5.4

3.9

ENTERPRISE PROFILE
Policy importance
FINANCIAL RISK PROFILE
Capital and earnings

Liquidity coverage ratio (with planned disbursements):
Six months (net derivate
payables) (x)

2

2

2

2

2

12 months (net derivate
payables) (x)

2

2

2

1

2

12 months (net derivate
payables) including 50% of all
undisbursed loans (x)

2

2

2

1

2

Gross debt/adjusted total
assets (%)

47

49

53

58

55

Short-term debt (by remaining
maturity)/gross debt (%)

23

24

21

25

25

1

2

2

1

1

Total assets (mil. $)110,547

99,010105,264

95,80099,257

Total liabilities (mil. $)75,50966,20574,02070,61871,651

Shareholders' equity (mil. $)35,03832,80531,24425,182

27,606

Funding ratios

Static funding gap (with planned disbursements)
12 months (net derivate
payables) (x)Summary Balance Sheet* Not including committed disbursements. PCT--Preferred creditor treatment. RAC--Riskadjusted capital. N.A.--Not available.

IFC peer comparison

International
Finance Corp.

European Bank
for
Reconstruction
andDevelopment

International
Bank for
Reconstruction
andDevelopment

AfricanDevelopmentBank

IDB Invest

AAA/Stable/A-1+

AAA/Stable/A-1+

AAA/Stable/A-1+

AAA/Stable/A-1+

AA+/Stable/A-1+

Total purpose-related
exposure ($mil. curr)

57,111

43,741

250,438

31,276

6,633

Preferred creditor treatment
ratio (%)

N.M

N.M

0.6

1.8

N.M

Issuer credit ratings

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International Finance Corp.

IFC peer comparison

International
Finance Corp.

European Bank
for
Reconstruction
andDevelopment

International
Bank for
Reconstruction
andDevelopment

AfricanDevelopmentBank

IDB Invest

Risk adjusted capital ratio (%)

38.1

32.1

23.7

28.2

34.1

Liquidity ratio 12 months (netderivative payables; %)

1.6

1.9

1.3

1.3

1.5

Funding gap 12 months (netderivative payables; %)

1.5

2.7

1.5

1.2

3.0

For IFC, EBRD and IBRD, all data as of end-June 2023. For AfDB, PRE, PCT and RAC ratio as of end-December 2022 and all other data
as of end-June 2022. For IDB Invest, PRE, PCT and RAC ratio as of end-December 2022 and all other data as of end-June 2023. Fiscal
year-end is June for IFC and IBRD. Source: S&P Global Ratings.

Rating Component ScoresEnterprise Risk
ProfilePolicy Importance

Extremely
strongVery strong

Very strong

Governance andManagement

StrongStrongAdequate

Moderate

Adequate

StrongWeakModerate

Very weak

Weak

Adequate

Weak

Financial Risk
ProfileExtremely
strongVery strong

StrongAdequate

Moderate

Weak

Very weak

Capital Adequacy

Extremely
strongVery strong

StrongAdequate

Moderate

Weak

Very weakFunding and Liquidity

Very strong

StrongAdequate

Moderate

Weak

Very weak

Related Criteria• Criteria | Governments | General: Multilateral Lending Institutions And Other Supranational
Institutions Ratings Methodology, Jan. 31, 2022
• General Criteria: Environmental, Social, And Governance Principles In Credit Ratings, Oct. 10,2021• Criteria | Financial Institutions | General: Risk-Adjusted Capital Framework Methodology, July20, 2017• General Criteria: Methodology For Linking Long-Term And Short-Term Ratings, April 7, 2017
• General Criteria: Methodology For Rating Sukuk, Jan. 19, 2015
• General Criteria: Principles Of Credit Ratings, Feb. 16, 2011www.spglobal.com/ratingsdirect

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Related Research• Sovereign Debt 2024: Borrowing Will Hit New Post-Pandemic Highs, Feb. 27, 2024
• How Would MLIs' Participation In Sovereign Debt Restructurings Affect Our Preferred
Creditor Treatment And Ratings?, Nov. 28, 2023
• Supranationals Special Edition 2023, Oct. 12, 2023
• Introduction To Supranationals Special Edition 2023, Oct. 11, Oct. 11, 2023
• International Finance Corp. 'AAA/A-1+' Ratings Affirmed; Outlook Remains Stable, Feb. 6,2023• A Closer Look At The G-20 Expert Panel Review Of MLIs’ Capital Adequacy Frameworks, Oct.
11, 2022

Ratings Detail (as of April 10, 2024)*
International Finance Corp.
Issuer Credit Rating

AAA/Stable/A-1+

Senior Unsecured

A-1+

Senior Unsecured

AAA

Short-Term Debt

A-1+

Issuer Credit Ratings History
09-Dec-1997

Foreign Currency

AAA/Stable/A-1+

05-Apr-1990

AAA/Stable/--16-Jun-1989

AAA/--/--

27-Dec-2017

Local Currency

AAA/Stable/A-1+

09-Nov-1998--/--/NR

09-Dec-1997--/--/A-1+*Unless otherwise noted, all ratings in this report are global scale ratings. S&P Global Ratings credit ratings on the global scale arecomparable across countries. S&P Global Ratings credit ratings on a national scale are relative to obligors or obligations within thatspecific country. Issue and debt ratings could include debt guaranteed by another entity, and rated debt that an entity guarantees.

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March 28, 202413