Moody's assigns ratings to Islamic Development Bank

Moody's Investors Service said it has assigned Aaa long-term and Prime-1 short-term issuer ratings to the Islamic Development Bank.

The outlook is stable.

The bank was established as a multilateral development bank by the Organization of the Islamic Conference in 1975 with the mission of providing finance and technical assistance to member countries and Muslim communities around the world based on the principles of Shari'ah. The bank has 56 member countries, from Africa (26), the Middle East (16), Asia (13) and Latin America (1).

The Aaa rating reflects the fact that, although the bank operates in a challenging environment given that the majority of the countries benefiting from its projects are at the low end of the rating spectrum or would presumably be if they were rated, both its financial strength and the commitment of its shareholders are extremely sound, Moody's said.

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