JEDDAH -The thxree major international rating agencies - FitchRatings, Standard & Poor’s and Moody’s - assigned the highest credit ratings to the Islamic Development Bank (IDB) $1.5 billion Sukuk program.
FitchRatings released on Sept. 21, 2009 its rating of AAA to IDB $1.5 billion MTN program and $850 million Sukuk issue,
Also, Moody’s Investors Services issued its rating on Aug. 26, 2009 assigning (Aaa) with a stable outlook to the IDB Trust Services Limited Trust Certificate Issuance Program. The rating of the certificates was in line with the (Aaa) long-term foreign currency rating of IDB Ordinary Capital Resources.
It added that “the capital base of the bank is strong, the bank’s useable equity - paid-in capital plus reserves - exceeds its total operational assets and equity investment, and the Bank risk assets coverage ratios generally compare favorably with other MDB’s”. “Although the weighted average sovereign credit quality of the IDB’s 56-member countries is lower than other Aaa rated MDB’s, IDB members are strongly committed to the organization,” it pointed out.
Standard & Poor’s also affirmed its AAA senior unsecured debt rating on the increased $1.5 billion Islamic trust certificate issuance program of IDB. - SG