European Investment Bank keeps AAA rating with stable trend

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EIB retains AAA rating

Highlights

Morningstar DBRS confirms European Investment Bank’s AAA long-term and R-1 (high) short-term ratings with a Stable trend, citing strong capitalisation and robust risk profile.
The EIB expects EUR 10.5 billion new financing under InvestEU in 2025, EUR 45.9 billion for REPowerEU+, and total assets reaching EUR 551 billion with a EUR 595.4 billion loan book.
A March 2025 statute amendment raises EIB’s permissible gearing ratio to 290% from 250%, expanding lending capacity alongside the TechEU launch with EUR 22.4 billion of signatures in its first year.

Rating confirmation and core credit strengths

As reported by Morningstar DBRS, DBRS Ratings GmbH confirms the European Investment Bank's Long-Term Issuer Rating at AAA and its Short-Term Issuer Rating at R-1 (high), with a Stable trend on both ratings.

Morningstar DBRS says the stable outlook reflects its view that the bank remains highly resilient to geopolitical, economic and financial risks. It cites the EIB's policy mandate, strong capitalisation, low-risk profile, consistent earnings generation, and robust funding and liquidity as key supports for the rating.

The agency also assigns the EIB an Intrinsic Assessment of AAA and a Support Assessment of AAA. It says the bank's role as the EU's bank, working closely with EU institutions and member states, continues to reinforce its credit profile.

Expanded EU mandate and financing impact

The rating rationale highlights the EIB's growing role since 2020, including its contribution to the EU's COVID-19 response through the European Guarantee Fund and its central place in the InvestEU programme. Morningstar DBRS says the bank records EUR 10.5 billion in new financing signatures under InvestEU in 2025 and contributes EUR 45.9 billion in financing to REPowerEU+ by 2025.

With total assets of EUR 551 billion and a signed loan book of EUR 595.4 billion at the end of 2025, the EIB remains the world's largest multilateral financial institution, owned by the EU's 27 member states. The agency notes that 84.4% of the loan book is dedicated to projects within the EU, up from 83.4% in 2024.

Morningstar DBRS adds that a March 2025 statute amendment raising the permissible gearing ratio to 290% from 250% strengthens the bank's lending capacity. It also points to the EIB Group's 2025 launch of TechEU, which records EUR 22.4 billion of signatures in its first year and supports EUR 109 billion of investment, as part of a broader push to reinforce Europe's technological and industrial capacity.

The agency says downside pressure on the ratings could emerge from a marked deterioration in the creditworthiness of a core shareholder, particularly Germany, or from a substantial weakening in the EIB's risk profile or capitalisation.

Our earlier report on KBRA’s surveillance review of the ALA 2025-OANA CMBS transaction highlighted that the agency affirmed all ratings after stable collateral performance since securitization. The update detailed the $2.4 billion floating-rate, interest-only mortgage backed by Honolulu’s Ala Moana Center and two adjacent office buildings, with key metrics such as an in-trust KLTV of 84.6% and a KBRA value of $2.9 billion supporting the affirmation.

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