MOODY'S RATED ICD A2 ISSUER WITH STABLE OUTLOOK
Moody's Investors Service ("Moody's") has affirmed recently, that the Islamic Corporation for the Development of the Private Sector's (ICD) A2 issuer rating with stable outlook. The stable outlook reflects Moody's view that risks to the credit profile are balanced. ICD's liquidity position is also set to remain strong compared to similarly rated peers.
The rating approval reflects Moody's assessment that ICD's capital position will remain solid, supported by continued improvements in asset performance, and its liquidity position will remain strong compared to its similarly rated peers. The continued implementation of the 2019 strategic overhaul is likely to contribute to a further decline in the level and volatility of nonperforming assets in the coming years. ICD's solid capital position and strong liquidity buffers will continue to anchor its credit profile.
At the same time, Moody's affirmed ICDPS Sukuk Limited's backed senior unsecured FX program rating A2 and senior unsecured FX MTN program rating A2. ICDPS Sukuk Limited's outlook remains stable. ICDPS Sukuk Limited is a special purpose vehicle established for issuing Sukuk and fully owned by ICD.
For more information about Moody’s ICD rating, please click on the following link: https://www.moodys.com/research/Moodys-affirms-the-Islamic-Corporation-for-the-Development-of-the--PR_462541