Fitch: Islamic Corporation for the Development of the Private Sector Downgraded to ‘A+’; Negative Outlook

Fitch Ratings (Fitch) has downgraded the Long-Term Issuer Default Rating (IDR) of the Islamic Corporation for the Development of the Private Sector (ICD) to ‘A+’ from ‘AA-‘, with a Negative Outlook. In addition, Fitch has downgraded ICDPS Sukuk Limited’s (formerly known as Hilal Services) medium-term note (MTN) programme to ‘A+’ from ‘AA-‘.

The downgrade of the IDR reflects Fitch’s downward revision of ICD’s intrinsic rating to ‘bbb+’ from ‘a-‘, which is driven by a decline in capitalisation and asset quality metrics. ICD’s ratings reflect the support it is expected to receive from its main shareholders, namely Islamic Develo...