Jun 26 2012
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Fitch Rates Islamic Development Bank's USD800m Sukuk Issuance at 'AAA'
The TCIP benefits from a guarantee provided by the IDB; therefore, its rating is in line with IDB's Long-Term Issuer Default Rating (IDR) of 'AAA' with a Stable Outlook.
The trust certificates will take the form of Sukuk, a financing instrument compliant with Shariah law, and will be used to finance planned growth in the IDB's operations.
The IDB is a multilateral development bank (MDB) and is based in Jeddah, Saudi Arabia. It was established in 1975 with the aim of fostering economic development and social progress, and provides project and trade finance as well as technical assistance to its member countries. The bank operates in accordance with the principles of Islamic Law, and its financing instruments are mainly asset-backed.
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