Azerbaijan, Baku, Nov.21 /Trend, N.Ismayilova /
Fitch Ratings has reaffirmed the Islamic Development Bank's "AAA" Long-term Issuer Default Rating and "F1+" Short-term foreign currency issuer rating with a "Stable" outlook, the bank's official website reported on Monday.
The report of Fitch Ratings highlighted
IDB's excellent capitalization, strong shareholders' support and moderate credit risk as being key rating drivers.
Islamic Development Bank is one of the few multilateral development financial institutions rated by the three international rating agencies - Standard & Poor's, Fitch and Moody's with the highest possible rating (AAA).
IDB is an international financial institution established in 1975 with the purpose of fostering economic development and social progress of Member Countries and Muslim communities in Non-Member Countries.
Azerbaijan has been an IDB member since 1992. Today, the IDB portfolio in the country has reached $700 million. The IDB changed their approach to financing projects in Azerbaijan by increasing the maximum amount of credit allocated for one project nearly five times. Earlier, the limit of financing a project was set between $30-40 million by the IDB. The bank can now allocate up to $150 million.