S&P rates Islamic Development Bank program AAA

Standard & Poor's said it assigned an AAA rating to the Islamic Development Bank's $3.5 billion trust certificate issuance program, and affirmed its AAA long-term and A-1+ short-term issuer credit ratings.

The outlook remains stable.

The ratings reflect the bank's historical record of very low losses despite the large share of loans to borrowers in relatively high-risk countries, S&P said.

This partly reflects the preferred-creditor treatment that the bank has historically received from its member countries, the agency said.

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