Moody's: Islamic Corp. for the Development of the Private Sector on review

Moody's said it placed under review for downgrade the Aa3 long-term issuer rating of Islamic Corp. for the Development of the Private Sector.

The short-term issuer rating has been affirmed at P-1.

“The decision to place the ratings on review for downgrade was underpinned by the large losses on ICD's equity investment portfolio, with a high likelihood of further equity investment losses as revaluations continue, which are likely to offset the contributions from shareholders under the second general capital increase and erode ICD's capital buffers to a position no longer consistent with a Aa3 rating,” Moody’s said in a news release.

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