The European Fund for Southeast Europe Regional Sub-fund receives A1 rating from Moody’s

Luxembourg, 5 November 2026 – Moody's Ratings (Moody's) has assigned an A1 foreign-currency long-term issuer rating to The European Fund for Southeast Europe S.A., SICAV-SIF (EFSE or the Fund). The outlook is stable. The rating is on the regional sub-fund and excludes the Ukraine sub-fund which, since 2024, houses almost all the Fund's exposure to Ukraine (Ca stable).

The A1 rating reflects EFSE's strong solvency, supported by substantial first-loss capital and very strong asset performance despite the focus on emerging markets. 

The Fund also benefits from robust liquidity and significant control over cash outflows together with a stable and diversified funding base of noteholders and mezzanine share investors. Finally, the A1 rating is underpinned by the long track-record of support by very highly rated shareholders given the high policy relevance of EFSE's mandate, balanced by the absence of contractual callable capital.  

Moody’s published its Rating Action and the rationale underlying the rating on 4 November 2026. View MOODY’S RATING ACTION