International Bank for Reconstruction and
Development

April 1, 2026                                                                                                                Primary Contact
This report does not constitute a rating action.
                                                                                                                             Alexis Smith-juvelis
Ratings Score Snapshot                                                                                                       Englewood
                                                                                                                             1-212-438-0639
                                                                                                                             alexis.smith-juvelis
                                                                                                                             @spglobal.com

                                                                                                                             Secondary Contact

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

Overview

Enterprise risk profile                             Financial risk profile

Policy importance remains among the highest in the  Conservative capital management on the back of the financial
sector, augmented by its evolution roadmap          sustainability framework

Strong commitment from shareholders with cumulative Strengthened riskadjusted capital ratio of 40% after criteria

subscription payments of 93% of US$7.5 billion capital update and implementation of hybrid issuance and firstloss

increase                                            portfolio guarantee

Sound governance and conservative risk management Robust liquidity buffers

Strong record of preferred creditor treatment       Regular benchmark issuer in global capital markets and a leader in
                                                    developing the sustainable bond market

S&P Global Ratings thinks the World Bank Group (WBG) continues to make progress on its
evolution roadmap, which includes various financial innovations and a more integrated
operating model to support its expanded mission of ending extreme poverty. Building upon the
evolution roadmap, launched in 2023, the WBG has augmented its role as a data bank and
knowledge broker to spur value creation across its mix of public-private finance.

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International Bank for Reconstruction and Development                                                                        April 1, 2026 2
                                                                                                                                           3540073
As of Jan. 1, 2026, various departments across International Bank for Reconstruction and
Development (IBRD), International Finance Corp. (IFC), and International Development
Association (IDA) integrated into a single platform, including treasury, controller, risk, and
environmental and social functions. We expect this process will be smooth and augment previous
efforts to create more synergies across WBG entities. IBRD, IDA and IFC balance sheets will
continue to remain separate legal entities.

We think IBRD is successfully executing its broad mandate. Gross disbursements were US$30.8
billion during fiscal year 2025 (ended June 30, 2025) and US$33.45 billion in fiscal 2024. It also
has an expected financing capacity of US$42 billion as part of its sustainable lending level, plus a
US$10 billion crisis buffer for fiscal 2026.
The institution continues to lead in its broader mobilization effort, with projects such as Mission
300 that reflect the coordination and synergies of all the WBG windows. IBRD also continued to
deepen its policy to support disaster risk management, expanding the use of its climate resilient
debt clause (CRDC) loan products to cover all natural disasters and health emergencies like
pandemics, and continues to provide support to Ukraine with loans outstanding totaling US$16.9
billion, of which US$11.2 billion has been guaranteed by highly rated third parties.

IBRD's risk-adjusted capital (RAC) ratio strengthened to 40% in fiscal 2025 (rating parameters
as of Jan. 27, 2026) from 24% in fiscal 2024. The increase, in large part, reflects changes
introduced under our revised criteria ("Multilateral Lending Institutions And Other Supranational
Institutions Ratings Methodology," Oct. 13, 2025). We also view the institution's capital adequacy
as more resilient following the adoption of policies and instruments to optimize capital and
support its sizable lending demand.

Outlook

S&P Global Ratings' outlook on the 'AAA' long-term rating on IBRD is stable. It indicates that the
institution's enterprise risk profile, capital (including callable capital), funding, and liquidity are
robust, and that there is less than a one-in-three probability that we would lower our issuer credit
rating on IBRD in the next two years.

Downside scenario

We could lower the ratings if, contrary to our expectations, IBRD's conservative approach toward
risk management changes substantially, or if members cease treating IBRD as a preferred
creditor, or limit support to the institution. IBRD's financial risk profile could weaken if liquidity
ratios decline meaningfully or if the RAC ratio drops below 23%. However, if its capital ratio
erodes, we expect the effect to be mitigated by the robust eligible callable capital buffers
provided by the 'AAA' rated members.

Enterprise Risk Profile

Policy importance: Long record fulfilling its mandate

IBRD has a long record of fulfilling its public policy mandate through economic cycles and has
wide geographical coverage unmatched by other lending institutions. IBRD is the keystone of
the WBG, which includes the IDA, IFC, Multilateral Investment Guarantee Agency (MIGA), and the
International Centre for Settlement of Investment Disputes. IBRD may lend directly, guarantee,
or participate in loans to any member country or political subdivision thereof, as well as to any

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International Bank for Reconstruction and Development                                                                        April 1, 2026 3
                                                                                                                                           3540073
business, industrial or agricultural enterprise in a member's territories. However, when the
member itself is not the borrower, the member or its central bank or similar agency acceptable to
IBRD must fully guarantee payment of principal, interest, and other charges on the loan. We view
its Articles of Agreement, created at the Bretton Woods Conference in 1944, as equivalent to a
treaty.

As of fiscal 2025, it had 189 member countries, more than any other rated multilateral institution
(MLI), and similar to its affiliates--IDA (175 members) and IFC (186 members).

In our view, the WBG's wider mandate demonstrates the importance that the IBRD and the
group's other entities give to ensuring flow of capital to emerging markets during fragile times.
The group has expanded its efforts to address global challenges, eradicate poverty and create
the means for a livable planet. While these efforts are multifaceted, at their core is: making better
use of existing resources, rethinking the operational model, strengthening cooperation between
the entities in the group, and exploring options to expand capital resources to extend financing.
This has extended to a deeper integration of departments across the World Bank ecosystem to
spur innovations and efficiencies, with a single contact person in client country offices and one
CFO, one chief risk officer, and one treasurer overseeing IBRD, IDA, and IFC as of January 2026.
There is increased emphasis on strengthening collaboration across all WBG partner institutions
to support private-sector solutions. A collaboration between the WBG and CEOs of leading global
private-sector institutions has explored strategies to transform and scale an originate-to-
distribute business model, aimed at mobilizing institutional investor capital for emerging and
frontier markets.

We think the initiatives that have been launched over the past few years will support a more
targeted mobilization outcome. This includes the rollout of a unified guarantee program housed
in MIGA and the launch of a Livable Planet fund in 2024, funded by multiple donors. The Livable
Planet fund aims to incentivize middle-income countries to address global hurdles, which may
not be financially attractive for countries, through financial incentives such as concessional
funding.

IBRD also recently launched step-up loans, where it will offer lower pricing during the high risk
construction phase of infrastructure projects and incentivize refinancing in private markets when
projects enter a lower risk/operational phase.

IBRD has expanded its crisis toolkit, which is unlikely to compromise the balance sheet, in our
view. The broadened approach allows the World Bank to offer contingent financing to all its client
countries and gives them an option to quickly repurpose a portion of unused bank financing to
address emergency needs during the crisis. In addition, IBRD's widened scope under CRDC
offered to clients will benefit both existing and new loans. It has been expanded to cover all
natural disasters and health emergencies like pandemics. We expect that IBRD will be selective in
extending CRDCs to a smaller portion of the portfolio (less than 5%).

The institution plays a key role in developing a sustainable capital market. IBRD acts as a
knowledge broker, outlining best-in-class frameworks and guidelines, compiling key sustainable
policy indicators that it tracks globally, and offering environmental, social, and governance-data
statistical platforms.
IBRD pioneered the global green bond market in 2008. It helped develop and expand the global
sustainable bond market by communicating that all its issuances support its mission to reduce
poverty and boost prosperity on a livable planet. The WBG supports countries that are
undertaking their own climate action plans and has committed to devoting 45% of its lending
commitments, on average, to target climate mitigation and resilience by fiscal 2025.

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International Bank for Reconstruction and Development

The capital increase of US$7.5 billion, in our view, underscores shareholders' commitment to
the bank. At IBRD's spring meetings in April 2018, the board of governors endorsed a US$60.1
billion package, which included US$7.5 billion in additional paid-in capital. As of January 2026,
IBRD received cumulative subscription payments of US$7 billion or 93% of the capital increase,
and all the largest shareholders participated. The subscription period has been extended from
October 2025 to April 2026 for several members. The largest shareholders--including the U.S.--
subscribed.

During 2024, IBRD introduced a framework of restoration measures (FRM) to safeguard its
capital adequacy. At the same time, IBRD launched its hybrid capital instrument, with eight
shareholders subscribing $773 million, as well as a first-loss portfolio guarantee with
shareholders subscribing $1.1 billion, as of June 2025. Also, IBRD launched an enhanced callable
capital instrument where shareholders can retrofit a portion of its existing callable capital, which
can be called when the institution is facing an imminent threat of rating downgrade as assessed
under the FRM.
These initiatives build upon the measures introduced in the 2018 capital package to bolster
organic capital generation, the establishment of a sustainable annual lending level and crisis
buffer, and administrative cost-reduction measures, which strengthen its capital and support
more meaningful lending volumes, in our view.

Demand for IBRD resources remains high, given stalling progress on poverty reduction, climate
change events and the escalation of violent conflicts. On June 23, 2025, the board approved a
crisis buffer of US$10 billion for fiscal 2026, resulting in an adjusted sustainable annual lending
limit of US$42 billion for fiscal 2026. In fiscal 2025, IBRD committed US$40.9 billion in new
purpose-related exposures. This included financing supported by bilateral guarantees. IBRD's
purpose-related exposures increased by 6%, reaching US$286.9 billion in fiscal 2025, on the back
of increased loan disbursements during the period. This reflects its global reach, underpinning
our assessment of an extremely strong enterprise risk.

We think IBRD's preferred creditor treatment (PCT) compares favorably with some 'AAA' rated
peers. IBRD's PCT ratio was 0.55% for fiscal year 2025. Two countries, Belarus and Zimbabwe,
remain in arrears. We don't think this weighs on IBRD's overall policy importance and extremely
strong enterprise risk profile. On March 2, 2022, the WBG announced that it stopped all programs
in Russia and Belarus, with no new lending approved to Belarus since mid-2020 and no new loans
in Russia since 2014. Russia prepaid its remaining loan exposures to IBRD as of December 2022.

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International Bank for Reconstruction and Development

Chart 1

IBRD--Outstanding loans of five largest countries
As % of purpose-related assets (gross) and guarantees, as of June 30, 2025

68.6  8.0                                              India
              6.9                                      Indonesia
                     5.9                               Colombia
                       5.4                             Philippines
                      5.2                              Brazil
                                                       Others

Source: S&P Global Ratings.

Copyright  2026 by Standard & Poor's Financial Services LLC. All rights reserved.

Governance and management expertise: Diverse shareholder base,
with top-tier governance and management standards

IBRD is owned by 189 member countries. The U.S. is the largest shareholder, with 15.8% of the
voting rights, followed by Japan (7.0%) and China (5.9%), as of fiscal 2025. No major shareholder
has recently withdrawn from IBRD, and none are expected to withdraw. With the capital increase
approved in 2018, China's voting rights are expected to increase to 6.01%, while the U.S.' share
will dip slightly, but the U.S. will maintain its veto power over certain decisions like amendments
to the Articles of Agreement.

On average, IBRD shareholder countries have high-ranking governance based on the World
Bank's governance indicators, supporting our governance assessment. This is further
enhanced by the bank's record of solid management and risk practices. IBRD has no private-
sector shareholding, and shareholders allow MLI earnings to be retained, supporting our
assessment.

Smooth management changes underscore the breadth of the professional bench at IBRD and
its consistent policy history through personnel changes. IBRD's financial and risk management
policies, limits, and methods are comprehensive, conservative, and updated as needed.
Management has implemented strategic plans to help WBG achieve its goals.
WBG President Ajay Banga's term began on June 2, 2023. We note that the transition was
smooth, underscoring the breadth of the professional management at IBRD and its consistent
policy history through personnel changes.

As of Jan. 1, 2026, various departments across IBRD, IFC, and IDA integrated into a single
platform, including treasury, controller, risk, and environmental and social functions. This
initiative is intended to create more efficiencies and innovations, although IBRD, IDA and IFC
balance sheets will continue to remain separate legal entities. We expect this process will be
smooth and augment previous efforts to create more synergies across WBG entities.

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International Bank for Reconstruction and Development

Chart 2                                                                                                                      Government
                                                                                                                             effectiveness
IBRD--Five largest shareholders
Selected World Bank Governance Indicators 2024                                                                               Control of
                                                                                                                             corruption
               US
                                                                                                                             Regulatory quality
           Japan
Shareholders
            China

              Germany

              France

                       0  10  20  30  40               50  60  70                   80  90  100

                                      Percentile Ranking (100=Highest)

Source: S&P Global Ratings.

Copyright  2026 by Standard & Poor's Financial Services LLC. All rights reserved.

Financial Risk Profile                                                                                                       April 1, 2026 6
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Capital adequacy: IBRD's capital remains resilient

IBRD's RAC ratio increased to 40% in fiscal 2025 (rating parameters as of Jan. 27, 2026) from
24% in fiscal 2024, in large part reflecting changes introduced under our revised criteria. The
recalibration of PCT risk weights, changes to the single-name concentration, and our view of
robust recovery outcomes underpin the stronger ratio. Overall, IBRD has a demonstrated track
record of not restructuring its loans and recovering principal and past due interest on loans that
have fallen into arrears, with losses reflecting lost interest on interest. According to IBRD's report
on its historic defaults and loss given defaults published in March 2024, its average losses
(defined as the economic loss from not charging interest on overdue interest payments) have
been slightly under 10% over its entire lending history.

We also view IBRD's capital adequacy as more resilient, especially following its enhanced
financial capacity implementation. As of June 2025, IBRD has signed bilateral agreements with
eight shareholders for its shareholder hybrid instrument, totaling $773 million to be settled over
the next four years, of which $482 million is currently recorded on the balance sheet. We consider
this hybrid instrument to have high equity content because it is held by shareholder
governments, and the trigger is set much earlier than other market hybrid instruments in the
sector. It also can absorb losses and preserve cash during stress through subordination,
suspension of coupon payments, and the write-down of the instrument, and therefore
incorporate it into our IBRD total adjusted capital estimate.

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International Bank for Reconstruction and Development

In addition, $1.1 billion was provided as part of the portfolio guarantee platform (PGP). We don't
view the PGP as sufficiently equity-like to include in our total adjusted capital estimation since it
covers losses arising only from its sovereign loan book and not the entire balance sheet, and it is
not perpetual. Instead, we incorporate it into our RAC calculation by reducing risk weights using a
weak-link approach, reflecting its first-loss coverage on potential nonaccruals from the covered
sovereign loan book.

At fiscal 2025, there had been no take-up of IBRD's enhanced callable capital instrument. In
January 2026, IBRD signed an agreement with New Zealand converting $50 million of its existing
callable capital to enhanced callable capital terms.

We expect IBRD will manage capital at the highest level while continuing to unlock additional
resources over time through its various financial instruments, which shareholders can utilize to
provide capital support. Even if IBRD's RAC ratio deteriorated below 23%, although remote, the
effect on its stand-alone credit profile (SACP) could be balanced by significant callable capital
cushions from highly rated shareholders.

We view favorably that the bank has adopted policies to generate capital organically and
committed to cost-saving reforms and high capital levels. IBRD management has had important
cost-savings under its budget anchor policy as net loan spread revenue fully covered net
administrative expenses in fiscal years 2025 and 2024. During fiscal 2017, the board approved a
formula-based approach for determining IBRD's transfers to IDA. Using the formula approach,
the board approved a transfer of US$782 million from fiscal 2025 allocable income, made on
Sept. 23, 2025.

IBRDRiskadjusted capital framework data as of June 2025

(Mil. USD)                            Exposure S&P Global Ratings RWA  Average S&P Global Ratings RW (%)
Credit risk                                                                                                          88
Government and central banks          376,076            331,037                                                      22
Institutions                           66,476             14,328                                                     83
Corporate                                    49                 41                                                   20
Retail                                                                                                              169
Securitization                           2,056                419                                                     78
Other assets                              3,271            5,533
Total credit risk                     447,928            351,357                                                    249
Market risk
Equity in the banking book            2,957              7,377                                                      100
Trading book market risk                                                                                           1558
Total market risk                                        7,377
Operational risk                                                                                                      5
Total operational risk                                   10,749
Risk transfer mechanisms
Risk transfer mechanisms RWA                             369,483
RWA before MLI Adjustments
MLI adjustments                                               636
Single name (on corporate exposures)                           (35)
Sector (on corporate portfolio)

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International Bank for Reconstruction and Development

IBRDRiskadjusted capital framework data as of June 2025

(Mil. USD)                                              Exposure S&P Global Ratings RWA                 Average S&P Global Ratings RW (%)
                                                                                                                                                       7
Geographic                                                                          (25,836)
                                                                                                                                                      76
Preferred creditor treatment (on sovereign exposures)                         (251,851)                                                                4
                                                                                                                                                       21
Preferential treatment (on FI and corporate exposures)                              (631)
                                                                                                                                                      57
Single name (on sovereign exposures)                                                68,308                                                            43
                                                                                                                                                     17.4
Total MLI adjustments                                                         (209,409)                                                             40.1

RWA after MLI adjustments                                                           160,074

Capital ratio before adjustments                                                    64,164

Capital ratio after adjustments                                                     64,164

MLIMultilateral lending institutions. RWRisk weight. RWARiskweighted assets.

Chart 3

Risk-adjusted capital ratio--Peer comparison

100                                                                                                                          Jun-25

                    90                                                                                                       2024

                    80                                                                                                       2023

                    70                                                                                                       2022

Adjusted RAC ratio  60                                                                                                       2021

                    50

                    40

                    30

                    20

                    10

                    0

                        IBRD          IDA               AfDB                  IADB                      ADB

                    Notes: Fiscal end for IBRD and IDA is June. 2025 data is as of June 30, 2025 for all entities. 2025 RAC ratios based on revised
                    October 2025 Criteria update for IBRD and IDA. N.A.-- Not available. Source: S&P Global Ratings.

                    Copyright  2026 by Standard & Poor's Financial Services LLC. All rights reserved.

Funding: IBRD maintains its competitive edge in capital markets                                                                                            April 1, 2026 8
                                                                                                                                                                          3540073
We view IBRD's funding as broadly diversified by geography and investors, given its frequent
issuance in many markets and currencies. IBRD issues US$50 billion-US$60 billion on average
each year, making it one of the largest issuers among MLIs.

More recently, IBRD has innovated, pioneered and launched five special outcome bonds to
support environmental sustainability. This includes its inaugural 2022 wildlife conservation bond,
which attracted private capital to support vital conservation efforts, IBRD also launched a plastic
waste reduction bond that incentivizes the generation of both plastic and carbon credits within

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International Bank for Reconstruction and Development

projects in Ghana and Indonesia. On Aug. 20, 2024, IBRD issued the Amazon Reforestation Bond
designed to attract additional private capital for carbon removal and reforestation in Brazil. In
December 2025, it issued a $200 million clean cooking outcome bond to mobilize support to
cleaner cookstove projects in Ghana.
Our funding ratios for fiscal 2025 indicate that IBRD doesn't have a funding gap below the one-
year horizon: IBRD's assets exceed its liabilities at all horizons up to five years, supporting its
robust funding.

Liquidity: Ample liquidity covers IBRD's six- and 12-month liabilities

Effective June 2017, IBRD revised its liquidity policy to cover its projected outflows over the next
12 months--rather than six--months. Our calculation of IBRD's liquidity incorporates stressed
market conditions and assumes no market access. Under these conditions, we conclude that
IBRD's liquid assets are sufficient to service its obligations through the next year without slowing
planned disbursements. According to our calculations, IBRD's liquidity ratio, assuming scheduled
disbursements, was 2.1x at the six-month horizon and 1.5x at the one-year horizon, as of June 30,
2025. Under this stress scenario, we estimate that IBRD could also withstand an unforeseen
increase in its potential disbursements to a limited extent, while meeting other obligations.

Chart 4

Liquidity stress test ratios--Peer comparison

Liquidity ratio (net of derivative payable)  5                                                                               Six months

                                             4

                                             4                                                                               12 months

                                             3

                                             3                                                                               12 months including 50% of all

                                             2                                                                               undisbursed loans

                                             2

                                             1

                                             1

                                             0

                                                IBRD  IDA  AfDB  IADB  ADB

                                             Notes: Data as of end-June 2025 for all. Fiscal year end for IBRD and IDA is June. Source: S&P Global Ratings.
                                             Copyright  2026 by Standard & Poor's Financial Services LLC. All rights reserved.

Extraordinary Shareholder Support                                                                                                                            April 1, 2026 9
                                                                                                                                                                            3540073
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International Bank for Reconstruction and Development

Even excluding extraordinary shareholder support, we assess IBRD's SACP at 'aaa', our highest
level. We would expect 'AAA'-rated shareholders to answer one or more calls on their subscribed
callable capital. Ten 'AAA' rated shareholders subscribed US$44.3 billion of callable capital. If
IBRD's stand-alone capital ratios decline, the effect on its SACP could be countered by up to two
notches of uplift from callable capital, all else being equal. This would reflect the (currently
latent) benefit of IBRD's 'AAA' callable capital. As of fiscal 2025, there had been no take-up of
IBRD's enhanced callable capital instrument. In January 2026, IBRD signed an agreement with
New Zealand converting US$50 million of its existing callable capital to enhanced callable capital
terms; which we could, depending on overall volume, consider more potential uplift.

Chart 5

IBRD--Callable capital
As percentage of total callable capital, as of June 2025

                                               15%

                                                                   Eligible callable capital

                                                                   Noneligible callable capital

                                  85%

Source: S&P Global Ratings.
Copyright  2026 by Standard & Poor's Financial Services LLC. All rights reserved.

IBRDSelected indicators                                                         2025 2024 2023 2022 2021

ENTERPRISE PROFILE                                                              286,900 270,358 250,438 235,723 227,269
Policy importance
Total purposerelated exposure (loans, equity, etc.) (mil. $)*                   100.0 100.0 100.0 100.0 100.0
Publicsector (including sovereignguaranteed) loans/purposerelated exposure (%)
Privatesector loans/purposerelated exposures (%)                                    0.0   0.0      0.0                       0.0   0.0
Gross loan growth (%)
Preferred creditor treatment ratio (%)                                              7.6   7.9      6.4                       4.0   8.0
Governance and management expertise
Share of votes controlled by eligible borrower member countries (%)                 0.6   0.6      0.6                       0.65  0.21
Concentration of top two shareholders (%)
Eligible callable capital (mil. $)                                                 34.2      28.8     27.7     33.7                  33.5
FINANCIAL RISK PROFILE                                                             22.8      22.6     22.9     23.2                  23.2
Capital and earnings                                                            44,296    44,296   43,745   42,062                 41,374
RAC ratio (%)
                                                                                    40.1  24.1     23.7                      25.9  27.2

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International Bank for Reconstruction and Development

IBRDSelected indicators

Net interest income/average net loans (%)                                       2025                    2024    2023            2022    2021
Net income/average shareholders' equity (%)                                        1.3                     1.3     1.4             1.1     1.1
Impaired loans and advances/total loans (%)                                        3.1                    3.5     2.0
Funding and liquidity                                                             0.5                     0.5     0.6            7.72    4.61
Liquidity ratios                                                                                                                  0.2     0.2
Liquid assets/adjusted total assets (%)
Liquid assets/gross debt (%)                                                    25.8                    23.4    24.0            25.9    28.5
Liquidity coverage ratio (with planned disbursements):
Six months (net derivate payables) (x)                                          33.7                    31.8    33.6            35      34.7
12 months (net derivate payables) (x)
12 months (net derivate payables) including 50% of all undisbursed loans (x)    2.1                     2.2     2.0             2.0     2.0
Funding ratios
Gross debt/adjusted total assets (%)                                            1.5                     1.3     1.3             1.3     1.3
Shortterm debt (by remaining maturity)/gross debt (%)
Static funding gap (with planned disbursements)                                 1.1                     1.0     1.0             1.0     1.1
12 months (net derivate payables) (x)
Summary Balance Sheet                                                           76.6                    73.4    71.3 74.08 81.99
Total assets (mil. $)
Total liabilities (mil. $)                                                      15.4                    16.0    16.4 17.98 17.39
Shareholders' equity (mil. $)
                                                                                1.6                     1.6     1.5             1.5     1.4

                                                                                399,511 356,612 332,641 317,542 317,301
                                                                                327,499 293,128 272,259 262,222 269,223

                                                                                  72,012 63,484 60,382 55,320 48,078

*Not including committed disbursements. PCTPreferred creditor treatment. RACRiskadjusted capital. N.A.Not available.

IBRDPeer comparison

Issuer credit ratings                                                  IBRD                       IDA                  AfDB                     IADB                    ADB
Total purposerelated exposure ($mil. curr)              AAA/Stable/A1+          AAA/Stable/A1+          AAA/Stable/A1+          AAA/Stable/A1+          AAA/Stable/A1+
Preferred creditor treatment ratio (%)
Risk adjusted capital ratio (%)                                    286,900                 230,665                   35,555                  117,284                156,666
Liquidity ratio 12 months (net derivative payables; %)                    0.6                     0.7                      1.6                     1.8                    0.3
Funding gap 12 months (net derivative payables; %)                         40                      90                      33                      23                      32
                                                                           1.5                     1.3                     2.2                     1.3                     1.2
                                                                           1.6                     2.2                     1.0                     1.2                      1.1

All data as of endJune 2025 for International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA). For
African Development Bank (AfDB), InterAmerican Development Bank (IADB) and Asian Development Bank (ADB), PRE and PCT as of Decemberend 2024
and all other data as of Juneend 2025. Fiscal end is June for IBRD and IDA. IBRD and IDA 2025 RAC ratios under Revised Criteria. Source: S&P Global
Ratings.

Rating Component Scores

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International Bank for Reconstruction and Development

Enterprise Risk                Extremely    Very strong               Strong    Adequate       Moderate                      Weak  Very weak
Profile                          strong

Policy Importance              Very strong                    Strong            Adequate            Moderate                       Weak

Governance and                              Strong                              Adequate                                     Weak
Management

Financial Risk                 Extremely    Very strong               Strong    Adequate       Moderate                      Weak   Very weak
Profile                          strong     Very strong               Strong                                                 Weak   Very weak
                                                                                Adequate       Moderate                            Very weak
Capital Adequacy               Extremely
                                 strong

Funding and Liquidity          Very strong          Strong            Adequate            Moderate       Weak

Related Criteria

 Criteria | Governments | General: Multilateral Lending Institutions And Other Supranational
   Institutions Ratings Methodology, Oct. 13, 2025

 Criteria | Financial Institutions | General: Risk-Adjusted Capital Framework Methodology, April
   30, 2024

 General Criteria: Environmental, Social, And Governance Principles In Credit Ratings, Oct. 10,
   2021

 General Criteria: Methodology For Linking Long-Term And Short-Term Ratings, April 7, 2017

 General Criteria: Principles Of Credit Ratings, Feb. 16, 2011

Related Research

 Supranationals Special Edition 2025, Oct. 22, 2025

 Supranationals Edition 2025: Comparative Data For Multilateral Lending Institutions, Oct. 14,
   2025

 Abridged Supranationals Interim Edition 2025: Multilateral Lending Institutions Sector
   Updates, May 22, 2025

Ratings Detail (as of April 01, 2026)*

International Bank for Reconstruction and Development

Issuer Credit Rating

Foreign Currency                                                              AAA/Stable/A-1+
                                                                              AAA
Senior Unsecured                                                              A-1+

Short-Term Debt                                                               AAA/Stable/A-1+
                                                                              AAA/Stable/--
Issuer Credit Ratings History                                                 AAA/--/--

05-Sep-1997                                 Foreign Currency

05-Apr-1990

13-Sep-1959

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International Bank for Reconstruction and Development

Ratings Detail (as of April 01, 2026)*
*Unless otherwise noted, all ratings in this report are global scale ratings. S&P Global Ratings' credit ratings on the global
scale are comparable across countries. S&P Global Ratings' credit ratings on a national scale are relative to obligors or
obligations within that specific country. Issue and debt ratings could include debt guaranteed by another entity, and rated
debt that an entity guarantees.

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International Bank for Reconstruction and Development

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