Fitch Ratings has assigned the European Stability Mechanism (ESM) a Long-term Issuer Default Rating (IDR) of 'AAA' and a Short-Term IDR of 'F1+'. The Outlook is Stable.
The key credit strengths that underpin ESM's 'AAA'/'F1+' ratings are the following: exceptionally strong mechanisms for exercising callable capital, including EWS, relatively high capitalisation ratio and the requirement that reserves will always be equal to at least 15% of outstanding debt, moreover high-quality and liquid assets add positive character.