| 26 Aug 2010 |
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IDB's 'AAA' credit rating affirmed
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JEDDAH - Standard & Poor's assigned 'AAA' rating to Islamic Developmetn Bank (IDBIDB
) $3.5 billion trust certificate issuance program, IDBIDB said in a statement on Wednesday.At the same time, Standard & Poor's affirmed for the 9th consecutive year its 'AAA' long-term and 'A-1+' short-term issuer credit ratings on the Bank with a Stable Outlook. Standard & Poor's said the IDBIDB
's ratings are underpinned by strong shareholders' support, very high level of capital and liquidity and a good asset portfolio with historically very low losses and preferred-creditor treatment.IDBIDB
is one of the few multilateral development financial institutions with the highest possible credit ratings issued by the three leading international rating agencies - Standard & Poor's, Fitch Ratings and Moody's. Moreover, IDBIDB has been recognized as eligible for 'Zero Risk-Weight' by Basel Committee on Banking Supervision in 2004 and the EU in May 2007. Dr. Ahmed Mohamed Ali, president of the IDBIDB
, said "IDBIDB continued its efforts to reform the bank with a view to strengthening performance through improved governance and organizational efficiencies.
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