Fitch affirms Islamic Development Bank

Fitch Ratings said it affirmed the Islamic Development Bank's long-term issuer default rating at AAA and its short-term issuer default rating at F1+.

The outlook is stable.

The ratings are based on the strong support from the bank's 56 member countries, its excellent asset quality and substantial capital base, Fitch said.

Support strengthened in 2008 due to the rating upgrade of Saudi Arabia in 2008, the agency said.

Though its ratio remains lower than the average of AAA-rated multilateral development banks, Fitch said it believes that support would be provided to the bank if necessary.

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