Wednesday, 25 August 2010 08:41
Saudi Arabia (Jeddah) - Fitch Ratings has today affirmed the rating of IDB Trust Service Limited's USD3.5bn Trust Certificate Issuance Programme (TCIP) at 'AAA'.
The programme benefits from a liquidity facility provided by the Islamic Development Bank (IDB).
The rating affirmation follows the IDB's announcement that it has increased the ceiling of the programme to USD3.5bn from USD1.5bn in August 2010.
The trust certificates will take the form of Sukuk, a financing instrument compliant with Shari'ah law, and will be used to finance a planned growth in the IDB's operations. The programme's rating is supported by the IDB's Long-term Issuer Default Rating (IDR) of 'AAA' with a Stable Outlook.
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. It employed 1,083 staff members as of end-December 2009.
Global Arab Network