European rating agency. Objective, transparent, independent.
European rating agency. Objective, transparent, independent.

EFSE Notes Tranche 36

The European Fund for Southeast Europe S.A. SICAV-SIF

Rating History

Rating Watch Outlook Decision Date Action Validity Date Maximum Validity
AA Outlook STA 03.04.2020 14.04.2020 17.12.2020
AA Watch UNW 18.12.2019 19.12.2019 17.12.2020
AA Outlook STA 19.12.2018 21.12.2018 18.12.2019

News

  • 14.04.2020
    Further details regarding the regulatory requirements according to ESMA (European Securities and Markets Authority) Guidelines 33-9-320 can be found in the document attached below.
  • 19.12.2019
    Creditreform Rating has confirmed the rating of the EFSE Notes – Tranche 36 with ISIN XS1892574069, issued by the European Fund for Southeast Europe S.A. SICAV-SIF, at AA. To the rating has been assigned additionally a “watch neutral” and the rating is therefore denominated AA/ watch neutral. The reason for the addition to the rating responds to the ongoing following-up rating process. The current available documentation was however enough to continue the rating process. A monitoring of the rating will be performed promptly.
  • 21.12.2018
    Creditreform Rating has confirmed the rating of the EFSE Notes – Tranche 36 with ISIN XS1892574069 issued by European Fund for Southeast Europe S.A. SICAV-SIF at AA. The outlook is stable. A positive effect on the rating had the currently prevailing liability structure defined in the Issue Document. Potential risks arise from the general asset-liability risk within the structure, the indirect currency risks in the structure, the general market risks in the microfinance business in general and specifically with regard to the target region and the very broad investment criteria.