Nuaimi "Conditions are very favorable for issuers with solid fundamentals like APICORP. Furthermore, the low interest rates and high liquidity environment in the Kingdom offer APICORP the optimal conditions to launch its SAR issuance to raise funds," he added. In June, APICORP obtained a strong backing for its credit profile when it received a first-time issuer rating of A1 from Moody's Investors Service for long-term debt and Prime-1 for short-term debt. APICORP's risk-weighted capital adequacy ratio was approximately 25 percent at the end of 2009. The ratio, which is already stronger than most A-rated commercial banks, is expected to rise to around 30 percent by 2014. APICORP's extremely low leverage ratio of 3.1% and non-performing loan (NPL) ratio of 0.7 % further contribute to its stability in a difficult global financial environment. As a multilateral development bank, APICORP enjoys a de facto preferred creditor status. APICORP has a mandate to assist the development of member states' hydrocarbon sectors through project loans, trade finance and direct equity investments. It holds total assets of $4.1 billion at the end of 2009.
