{"id":34012,"date":"2024-08-07T15:23:16","date_gmt":"2024-08-07T15:23:16","guid":{"rendered":"https:\/\/www.africa-press.net\/eritrea\/all-news\/fitch-affirms-islamic-corporation-for-developments-a-rating-with-stable-outlook"},"modified":"2024-08-07T15:53:48","modified_gmt":"2024-08-07T15:53:48","slug":"fitch-affirms-islamic-corporation-for-developments-a-rating-with-stable-outlook","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eritrea\/all-news\/fitch-affirms-islamic-corporation-for-developments-a-rating-with-stable-outlook","title":{"rendered":"Fitch affirms Islamic Corporation for Development&#8217;s A+ rating with stable outlook"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Eritrea. <\/strong><\/span>Fitch Ratings said Wednesday it affirmed the Islamic Corporation for the Development&#8217;s (ICD) long-term foreign currency issuer default rating at A+ with a stable outlook.<\/p>\n<p>The rating agency said ICD&#8217;s ratings are backed by the support it receives from its key shareholders, Islamic Development Bank and Saudi Arabia, that owned 38% and 24% of ICD&#8217;s paid-in capital by the end of 2023, respectively.<\/p>\n<p>ICD, in addition, has continued to make progress in &#8220;de-risking its operations&#8221; in the past three years, while Fitch expects this trend to continue over the medium-term as ICD continues to refocus its operations back toward its core mandate of lending, rather than more risky equity investments, and toward more highly-rated borrowers.<\/p>\n<p>However, ICD&#8217;s solvency is improving, but remains constrained by \u201chigh\u201d credit risk, according to Fitch.<\/p>\n<p>&#8220;Equity investments as a share of total banking exposures remain &#8216;high&#8217; at 24% at end-2023, despite falling from 41% in 2017,&#8221; it said in a statement. &#8220;However, Fitch expects ICD&#8217;s equity participations to decline, given its focus on lending operations.&#8221;<\/p>\n<p><strong>For More News And Analysis About Eritrea Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Eritrea. Fitch Ratings said Wednesday it affirmed the Islamic Corporation for the Development&#8217;s (ICD) long-term foreign currency issuer default rating at A+ with a stable outlook. The rating agency said ICD&#8217;s ratings are backed by the support it receives from its key shareholders, Islamic Development Bank and Saudi Arabia, that owned 38% and [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":34011,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,1322,5156],"class_list":["post-34012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-eritrea","tag-fitch-ratings","tag-islamic-corporation-for-the-developments-icd"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fitch affirms Islamic Corporation for Development&#039;s A+ rating with stable outlook - Eritrea<\/title>\n<meta name=\"description\" content=\"Fitch Ratings said Wednesday it affirmed 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