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Fitch cuts ICD
Fitch Ratings said it downgraded the Islamic Corp. for the Development of the Private Sector's long-term issuer default rating to A+ from AA-.
“The downgrade of ICD's long-term IDR to A+ from AA- reflects Fitch’s downward revision of the bank's intrinsic rating to bbb+ from a-. As the maximum possible uplift from our aa- assessment of shareholders’ support is three notches, the downward revision of the intrinsic rating has led to a downgrade of ICD’s long-term IDR,” the agency said in a press release.
The outlook is negative.
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