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IDB receives highest credit ratings

Islamic Development Bank (IDB) has said Standard & Poor’s (S&P), Fitch Ratings and Moody’s have all awarded the Jeddah-based bank their highest long-term and short-term credit rating scores, making the bank the most highly-rated institution among regional and international multilateral development banks, and the Muslim world’s most highly-rated institution, Asharq Al-Awsat has reported. S&P and Fitch gave the bank an ‘AAA’ long-term rating, with Moody’s awarding it an ‘Aaa’ long-term rating, representing the highest scores for all three institutions, denoting “stability,” “reliability” and “low credit risk,” IDB said. All three institutions reaffirmed their outlook for IDB as ‘stable.’