S&P downgrades ICD

S&P said it lowered to A from A+ its long-term issuer credit rating on the Islamic Corp. for the Development of the Private Sector (ICD).

The outlook is negative.

At the same time, the agency removed the rating from under credit observation, where it was placed on Dec. 14, 2018, after publishing revised criteria.

“In our view, ICD's risk management practices and losses represent greater risks than in our initial capital adequacy assessment, although they have not directly translated into a weaker capital position,” S&P said in a news release.

“Recently, ICD suffered losses from a particularly large legacy equity investment and certain equity investments based on real estate in Saudi Arabia.”

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