(MENAFN - Saudi Press Agency) The Islamic Development Bank (IDB) announced today that Standard & Poor's, one of the leading rating agencies in the world, has reaffirmed a "stable" outlook for the Bank granting it "AAA" long term and "A-1" short term issuer ratings.
Standard & Poor's stated that the IDB"s ratings are supported by very strong capitalization and liquidity, a good asset portfolio and preferred-creditor treatment and other shareholders" support.
IDB 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, IDB has been recognized as eligible for 'Zero Risk-Weight' by Basel Committee on Banking Supervision in 2004 and the European Union in May 2007.
IDB is an international financial institution established in 1975 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).