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Monday, 8 October 2012

Standard & Poor’s Affirms AAA Credit Rating to IDB for 11th Consecutive Year

Jeddah, 06.10.2012 - Standard & Poor’s (S&P), one of the main credit rating agencies in the world, has for the 11th consecutive year, reaffirmed its “AAA” Long-term Issuer Credit Rating and “A-1+” Short-Term Issuer Credit Rating with a “Stable Outlook” to the Islamic Development Bank (IDB). S&P's report highlighted that the rating reflects IDB’s extremely strong capitalization, strong liquidity, historically well-performing asset portfolio and preferred lender treatment received from its member countries, as well as the strong shareholders’ support. The recent rating comes not long after the world’s three main rating agencies, Standard & Poor's, Fitch Ratings and Moody’s, in last July reaffirmed their highest Rating “AAA” to the IDB’s expanded US$ 6.5 billion Trust Certificate Issuance “Sukuk” Program and the US$ 800 million issuance within the same Program in June 2012. 

On his part, Dr. Ahmad Mohamed Ali, President of the IDB Group, commended the strong backing of the member countries and congratulated the stakeholders and the Bank's staff members on the great achievement. He highlighted that during the past years, the Bank continued its reform efforts aimed at improving performance through the adoption of a more suitable organizational structure, enhanced managerial skills and better governance. All these will help realize greater development achievements in line with IDB’s Vision 1440H (2020G), he stated. (IDB)

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