S&P revises ICD view to negative

S&P said it revised its outlook on multilateral lending institution Islamic Corp. for the Development of the Private Sector (ICD) to negative from stable.

At the same time, S&P affirmed its A+ long-term issuer credit rating on ICD.

“We revised our outlook to negative because ICD's progress in shifting away from equity and expanding its loan book has been slower than expected, indicating a potentially weaker role and mandate fulfillment than we currently assess,” S&P said in a news release.

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