Fitch ups Islamic Development Bank to AAA

Fitch Ratings said it upgraded Islamic Development Bank's long-term issuer default rating to AAA from AA+, along with the outlook to stable from positive. Fitch also said it affirmed its short-term issuer default rating at F1+.

The upgrade stems from further improvements made in the credit standing of the bank's main shareholders, their ongoing subscription to the capital increase initiated in May 2006 and the progress observed in the establishment of its concessional fund, the Islamic Solidarity Development Fund, Fitch said.

The bank benefits from the strong support of its 56 member countries, all members of the Organization of the Islamic Conference, the agency said.

The upgrade also is supported by the shareholder's further adherence to the decision of the bank's board to launch a substantial increase in subscribed, paid-in and callable capital, Fitch added.

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