Azerbaijan, Baku, Jan. 12/ Trend , N. Ismayilova/ The Standard & Poor's credit rating agency, for the 7th consecutive year, rated the future outlook of the Islamic Development Bank Group as "stable" in its annual report, the bank said.
The agency awarded IDB Group with its highest credit rating of (AAA) for the long term and (A-1+) for the short term.
Agency said IDB's capital position is extremely strong and its liquidity ample.
IDB has successfully received the highest credit ratings from all three leading rating agencies in the world - Moody's, Fitch.
The strong ratings allow IDB to mobilize resources from international financial markets at low costs.
"The high ratings of IDB for its seventh consecutive year are due mainly to the robust financial position of the Bank as well as the strong support of its member countries," President of IDB Group Dr. Ahmad Mohamed Ali said.
The Standard & Poor's report stated that IDB's net income jumped by 32% during 1428H to SR 164 million from SR 123 million one year earlier, "mainly due to increased income from operation assets."
Have any feedback? Contact our journalist at: [email protected]
