Moody’s Affirms ‘Aaa’ Long Term/P-1 Short Term Issuer Rating for IsDB
Moody’s Investor Service, one of the leading rating agencies in the world, has reaffirmed, for a third consecutive year, the Islamic Development Bank's "Aaa" long term foreign currency issuer rating/P-1 for short term. Moody’s concluded that the IsDB’s “ample capital base, high level of liquidity, low leverage and strong commitment from the shareholders” continue to reflect its Stable Outlook.
Dr. Ahmed Mohamed Ali, President of the IsDB Group, lauded the strong and generous support of the Member Countries and congratulated the staff of the IsDB Group commenting that “this is an accolade to be proud of. It is also an occasion for us to renew our pledge and endeavour to further the achievements of this noble institution through adherence to the highest levels of professionalism, due diligence and prudent practices while conducting our tasks with integrity and sincerity.
IsDB is one of the few multilateral development financial institutions rated by the three leading international rating agencies - Standard & Poor's, Fitch and Moody’s with the highest possible rating (Triple-A). Moreover, IsDB has been recognized as eligible for ‘Zero Risk-Weight’ by Basel Committee on Banking Supervision in 2004 and the European Union in May 2007.
IsDB was established in 1973 with the purpose of fostering economic development and social progress of Member Countries and Muslim communities in non-member countries in accordance with the principles of Shari’ah (Islamic Law).
The total finances by the Bank's Group during the last year (2007) stood at US$ (5428) million for (327) development operations in Member and Non Member Countries raising its accumulative finances to US$ ( 51072.3) million.
During the past year, IsDB continued its efforts to strengthen internal mechanisms to enhance institutional effectiveness and achieve greater developmental impact in consonance with the ‘Year 2020 Vision’ with the ultimate goal of making IsDB a customer and quality-focused organisation”.