Fitch Ratings on Oct. 5 downgraded the long-term issuer default rating of Saudi Arabia-based Islamic Corp. for the Development of the Private Sector, or ICD, to AA- from AA, with a stable outlook.

The downgrade reflects the agency's downward revision of the company's intrinsic rating to "a-" from "a," which in turn is driven by a one-notch downgrade of Fitch's assessment of ICD's solvency to "a" from "a+," reflecting its weaker capitalization following material financial losses it booked in 2017 as a result of the significant write-downs in the valuation of the company's equity investments.

The agency also affirmed the company's F1+ short-term issuer default rating.