Jeddah,02.07.2012 : In a recent communiqué, Fitch Ratings, one of the leading rating agencies in the world, has reaffirmed its “AAA” Long-term Issuer Default Rating and “F1+” Short-term foreign currency issuer rating with a “Stable” outlook to the Islamic Development Bank (IDB). Assigning the ratings, Fitch highlighted IDB’s excellent capitalization, strong shareholders’ support, moderate credit risk and limited concentration risk as key rating drivers.
IDB is one of the few multilateral development financial institutions rated by the three international rating agencies – Standard & Poor’s, Fitch and Moody’s with the highest possible rating (AAA). Moreover, IDB has been recognized as eligible for ‘Zero Risk-Weight’ by Basel Committee on Banking Supervision in 2004 and the European Union in 2007.
Commenting on the new rating, Dr. Ahmad Mohamed Ali, President of the Islamic Development Bank Group, commended the strong backing of the member countries and congratulated the stakeholders. He reiterated IDB’s commitment to support the developmental agenda of its member countries and assured that the Bank will continue to adhere to highest levels of professionalism, due diligence and prudent practices while carrying out its responsibilities in the days ahead. In this context, the President
recalled the Bank’s Year 2020 Vision agenda and its endeavors to reform itself to be a customer and quality-focused organization and thus become a world-class institution.