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Fitch Rates FMO's Debt Issuance Programme 'AAA'/'F1+'
March 13, 2014 / 5:15 PM / in 4 years

Fitch Rates FMO's Debt Issuance Programme 'AAA'/'F1+'

PARIS, March 13 (Fitch) Fitch Ratings has assigned the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V.'s (FMO, AAA/Negative/F1+) EUR4bn debt issuance programme Long- and Short-term local and foreign currency ratings of 'AAA' and 'F1+'. KEY RATING DRIVERS The debt issuance programme's ratings are aligned with FMO's ratings as the notes to be issued under the programme are expected to constitute senior, unconditional, unsecured and unsubordinated liabilities of FMO. The ratings are assigned to the programme and not to the notes under the programme. Fitch expects the notes to be issued under the programme to rank equally with FMO's other unsubordinated and unsecured obligations. The ratings of FMO are aligned with those of the Netherlands due to strong expected support from the State. The Negative Outlook reflects that of the sovereign. State support for FMO was formalised in a 1998 agreement between the entity and the government. The ratings also reflect tight state control and oversight as well as FMO's strategic importance for Dutch development aid policy. FMO is regulated as a bank. However, it is rated according to the agency's non-US public sector entities criteria. RATING SENSITIVITIES Any change in FMO's rating would be mirrored in the debt issuance programme's ratings.Rating of Public Sector Entities - Outside the United StatesAdditional Disclosure Solicitation StatusALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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