Jeddah-based IDB’s USD800m sukuk wins Fitch AAA rating
27 Jun 2012
(MENAFN) Islamic Development Bank’s (IDB) issuance of USD800 million Trust Certificates has won AAA rating from Fitch Ratings, Reuters reported.
The Trust Certificates, which mature in June 26, 2017, were issued by IDB Trust Service, under its USD6.5 billion Trust Certificate Issuance Programme (TCIP).
Fitch said that the TCIP benefits from a guarantee provided by the IDB; thus its rating is in line with IDB’s Long-Term Issuer Default Rating (IDR) of ‘AAA’ with a Stable Outlook.
The trust certificates will take the form of Sukuk and will be used to finance planned growth in the IDB’s operations.
The IDB was established in 1975 in Jeddah with the aim of supporting economic development and social progress.
The multilateral organization provides project and trade finance as well as technical assistance to its member countries.